Mortgage application volume increased 2.3% during the week ended May 20, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey.
Applications for refinances increased 0.4%, while applications for purchases increased 5.0%.
On an unadjusted basis, total volume increased 2% compared with the previous week. Applications for purchases increased 4%, on an unadjusted basis, compared with the previous week and increased 17% compared with the same week one year ago.
The refinance share of mortgage activity decreased to 53.7% of total applications from 54.6% the previous week.
Fixed mortgage rates crept up slightly compared with the previous week. The average rate for a 30-year, fixed-rate mortgage (FRM) was 3.85%, up from 3.82%.
The average rate for 30-year jumbo FRM was 3.82%, up from 3.74%.
The average rate for a 30-year FRM backed by the Federal Housing Administration (FHA) was 3.70%, up from 3.63%.
The average rate for a 15-year FRM was 3.06%, up from 3.02%.
The average rate for a 5/1 adjustable-rate mortgage (ARM) was 3.09%, up from 2.94%.
The ARM share of activity increased to 5.7% of total applications. The average loan size for purchase applications reached a survey high at $307,700.
Looking at volume by loan type, applications for mortgages backed by the FHA represented 12.7% of all applications – up from 12.5% the week prior. The Veterans Affairs share of total applications was 11.5%, down from 12.1% the week prior. The U.S. Department of Agriculture share of total applications remained unchanged from 0.7%.