MBA: Mortgage Application Volume Increased Slightly

Posted by Patrick Barnard on October 19, 2016 No Comments
Categories : Residential Mortgage

After decreasing 6.0% the previous week, mortgage application volume increased 0.6% on an adjusted basis during the week ended Oct. 14, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey.

Applications for refinances decreased 1%, while applications for purchases increased 3%.

The results include an adjustment for the Columbus Day holiday.

On an unadjusted basis, total volume decreased 9% compared with the previous week. Applications for purchases decreased 7% on an unadjusted basis but increased 13% compared with the same week one year earlier.

The refinance share of mortgage activity decreased to 61.5% of total applications from 62.4% the previous week.

Mortgage rates edged up for a second week but remained well below 4.0%. The average rate for a 30-year, fixed-rate mortgage (FRM) was 3.73%, up from 3.68% the previous week.

The average rate for a 30-year jumbo FRM was 3.72%, up from 3.67%.

The average rate for a 30-year FRM backed by the Federal Housing Administration (FHA) remained unchanged at 3.54%.

The average rate for a 15-year FRM was 3.03%, up from 2.97%.

The average rate for a 5/1 adjustable-rate mortgage (ARM) was 2.97%.

The ARM share of activity remained unchanged at 4.1% of total applications.

Applications for mortgages backed by the FHA represented about 11.3% of all applications – up from 10.9% the week prior. The Veterans Affairs share of total applications was 12.8%, up from 12.0%. The U.S. Department of Agriculture share of total applications remained unchanged at 0.7%.

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