MBA: Mortgage Application Volume Rose 11.8% Last Week

Posted by Patrick Barnard on October 21, 2015 No Comments
Categories : Residential Mortgage

Mortgage application volume increased 11.8% on an adjusted basis during the week ended Oct. 16 compared with the previous week, according to the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey.

This week's results include an adjustment to account for the Columbus Day holiday.

On an unadjusted basis, volume increased 1% compared with the previous week.

Applications for refinances increased 9% from the previous week, while applications for purchases increased 16%.

On an unadjusted basis, applications for purchases increased 5% compared with the previous week and were 9% higher compared with the same week one year ago.

The refinance share of mortgage activity fell to 59.5% of total applications from 61.2% the previous week.

‘On an adjusted basis, application volume increased last week, led by a sharp rebound in government volume. We expect that application volume will remain volatile over the next few weeks as the industry continues to implement TILA-RESPA Integrated Disclosures,’ says Mike Fratantoni, MBA's chief economist.

The average rate for a 30-year fixed-rate mortgage (FRM) with conforming loan balance ($417,000 or less) was 3.95%, down from 3.99% the previous week.

The average rate for a 30-year FRM with jumbo loan balance (greater than $417,000) was 3.87%, down from 3.89%.

The average rate for a 30-year FRM backed by the Federal Housing Administration (FHA) was 3.78%, down from 3.82%.

The average rate for a 15-year FRM remained unchanged at 3.20%.

The average rate for a 5/1 adjustable-rate mortgage (ARM) was 2.94%, down from 3.00%.

The ARM share of activity decreased to 6.9% of total applications.

The FHA's share of total applications increased to 14.3% from 12.6% the week prior. The Veterans Affairs' share of total applications increased to 12.7% from 11.5% the week prior. The U.S. Department of Agriculture's share of total applications increased slightly to 0.6% from 0.5% the week prior.

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