Mortgage applications up 1.6 percent from last week

The Mortgage Bankers Association’s Weekly Mortgage Applications Survey for last week showed a 1.6 percent week-over-week increase in the Market Composite Index, a measure of mortgage loan application volume.

The Refinance Index was up 2 percent week over week.

[Tweet “Mortgage update: Mortgage applications were up 1.6 percent from last week.”]

Other findings:

• Refinance activity comprised 49 percent of total applications, up from 48.5 percent the previous week.
• Adjustable-rate mortgages comprised 7 percent of total applications, which is the highest level since December 2014.
• The FHA share of total applications comprised 13.9 percent, down from 14.2 percent the previous week.
• The VA share of total applications comprised 10.9 percent, down from 11.5 percent the previous week.
• The USDA share of total applications comprised 0.9 percent, unchanged from the previous week.
• The average 30-year fixed-rate mortgage interest rate decreased to 4.19 percent from 4.22 percent.
• The average FHA 30-year fixed-rate mortgage interest rate decreased to 3.96 percent from 4 percent.
• The average 15-year fixed-rate mortgage interest rate decreased to 3.38 percent from 3.43 percent.
• The average interest rate for 5/1 ARMs decreased to 3.04 percent from 3.15 percent.

Inman Connect San Francisco is right around the corner — register now and save $200!