Mortgage applications crept up slightly last week despite an upward nudge in interest rates, according to data from the Mortgage Bankers Association.
The MBA’s Market Composite Index, which measures loan application volume, increased 0.9% on a seasonally adjusted basis last week from the week prior. On an unadjusted basis, the index dropped 0.1%. The refinance index increased 1% from the week prior, and the seasonally adjusted purchase index increased 1%. On an unadjusted basis, the purchase index was down 1% from the previous week and up 7% from the same week a year ago.
The refinance share of mortgage activity increased to 64% of total applications from 63.5% the previous week, according to the MBA. The adjustable-rate mortgage share dropped to 4.3% of total applications.
The average interest rate for 30-year fixed-rate mortgages with conforming loan balances rose to 3.68% from 3.67% the week prior. The average rate for 30-year FRMs with jumbo loan balances rose to 3.66% from the previous week’s average of 3.63%.
The average rate for 5/1 ARMs dropped to 2.87% from the prior week’s 2.90%.