MBA: Mortgage Application Volume Took A Healthy Jump

Posted by Patrick Barnard on June 08, 2016 No Comments
Categories : Residential Mortgage

Mortgage application volume jumped an impressive 9.3% during the week ended June 3, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey.

Applications for refinances increased 7%, while applications for purchases increased 12%. The figures are adjusted to account for the Memorial Day holiday.

On an unadjusted basis, total volume decreased 13% compared with the previous week.

Applications for purchases decreased 12%, on an unadjusted basis, and decreased 6% compared with the same week one year ago.

About 53.8% of total applications were refinances – down from 54.3% the previous week.

Mortgage rates ticked slightly downward. The average rate for 30-year, fixed-rate mortgage (FRM) was 3.83%, down from 3.85%. The average rate for a 30-year jumbo FRM was 3.81%, unchanged compared with the previous week.

The average rate for a 30-year FRM backed by the Federal Housing Administration (FHA) was 3.71%, up from 3.65%.

The average rate for a 15-year FRM was 3.11%, down from 3.12%.

The average rate for a 5/1 adjustable-rate mortgage (ARM) was 2.96%, down from 3.00%.

The ARM share of activity remained unchanged at 5.0% of total applications.

Looking at volume by loan type, applications for mortgages backed by the FHA were about 13.0% of all applications – up from 12.5% the week prior. The Veterans Affairs share of total applications was 11.5%, down from 12.0%, while the U.S. Department of Agriculture share remained unchanged at 0.7%.

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