Mortgage Application Volume Moves Back Upward

Posted by Patrick Barnard on August 31, 2016 No Comments
Categories : Residential Mortgage

After decreasing the previous two weeks, mortgage application volume increased 2.8% on an adjusted basis during the week ended Aug. 26, according to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey.

Applications for refinances increased 4%, while applications for purchases increased 1%.

On an unadjusted basis, total volume increased 2%. Applications for purchases decreased 1% on an unadjusted basis; however, they increased 5% compared with the same week one year earlier.

The refinance share of mortgage activity increased to 63.5% of total applications from 62.4% the previous week.

The average rate for a 30-year, fixed-rate mortgage (FRM) was about 3.67%, unchanged from the previous week.

The average rate for a 30-year jumbo FRM was 3.63%, up slightly from 3.62%.

The average contract rate for a 30-year FRM backed by the Federal Housing Administration was 3.54%, up slightly from 3.53%.

The average rate for a 15-year FRM was 2.96%, up slightly from 2.95%.

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