MBA: Applications For Purchases Increased 4%

Posted by Patrick Barnard on March 09, 2016 No Comments
Categories : Residential Mortgage

Mortgage application volume increased 0.2% during the week ended March 4, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey.

Applications for refinances decreased 2%, while applications for purchases increased 4%.

On an unadjusted basis, volume increased 1% compared with the previous week. Applications for purchases increased 6%, on an unadjusted basis, and were 30% higher compared with the same week one year ago.

The refinance share of mortgage activity was about 56.7% of total applications, down from 58.6% the previous week.

Mortgage rates inched back up from the previous week. The average rate for a 30-year fixed-rate mortgage (FRM) was 3.89%, up from 3.83%.

The average rate for a jumbo 30-year FRM was 3.81%, up from 3.75%.

The average rate for a 30-year FRM backed by the Federal Housing Administration (FHA) was 3.71%, up from 3.67%.

The average rate for a 15-year FRM was 3.14%, up slightly from from 3.13%.

The average rate for a 5/1 adjustable-rate mortgage (ARM) was 3.20%, up from 3.02%.

The ARM share of activity decreased to 5.2% of total applications.

Looking at application volume by loan type, applications for mortgages backed by the FHA remained unchanged at 12.0% of all applications. The Veterans Affairs share of total applications was 12.6%, up from 12.1% the week prior. The U.S. Department of Agriculture share was 0.8%, up slightly from 0.7%.

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