MBA: Mortgage Application Volume Increased 1.3%

Posted by Patrick Barnard on April 20, 2016 No Comments
Categories : Residential Mortgage

Mortgage application volume increased 1.3% during the week ended April 15, according to the Mortgage Bankers Association’s (MBA) Weekly Applications Survey.

Applications for refinances increased 3%, while applications for purchases decreased 1% from one week earlier.

On an unadjusted basis, total application volume increased 2% compared with the previous week. Applications for purchases increased 1% on an unadjusted basis and increased 17% compared with the same week one year ago.

The refinance share of mortgage activity increased to 55.4% of total applications from 54.9% the previous week.

According to the MBA, the average rate for a 30-year, fixed-rate mortgage (FRM) was 3.83%, up slightly from 3.82% the previous week.

The average rate for a jumbo 30-year FRM was 3.77%, up from 3.74%.

The average rate for a 30-year FRM backed by the Federal Housing Administration (FHA) was 3.64%, down from 3.66%.

The average rate for a 15-year FRM was 3.06%, down from 3.10%.

The average rate for a 5/1 adjustable-rate mortgage (ARM) was 2.91%, down from 2.94%.

The ARM share of activity remained unchanged at 5.0% of total applications, says the MBA.

Looking at volume by loan type, applications for mortgages backed by the FHA made up about 10.6% of all applications – down from 10.8% the week prior. Applications for Veterans Affairs loans were about 12.6% of all applications – up from 11.9%. Applications for U.S. Department of Agriculture loans remained unchanged at 0.8% of total volume.

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