Mortgage applications rose from the previous week despite a nearly across-the-board increase in interest rates, according to data released Wednesday by the Mortgage Bankers Association.
The MBA's Weekly Mortgage Applications Survey found that the volume of mortgage loan applications lifted 6.2% on a seasonally adjusted basis from the week before, including an adjustment for the Veterans Day holiday. On an unadjusted basis,
The purchase index alone spiked 12% week-to-week on an adjusted basis, with this past week resting an unadjusted 19% higher than the same period a year ago. The refinance index also went up 2% from the previous week.
As a share of all mortgage activity, refinance dropped to 58.6% from 59.8% a week earlier. The adjustable-rate mortgage share also fell, to 6.3%.
The shares of FHA and VA activity rose, on the other hand, to 14.4% and 11.7%, respectively. The USDA share was the same at 0.7%.
The average loan size for purchase applications reached an all-time survey high of $301,200.
Interest rates nearly rose across the board, the survey noted. The average contract interested rate for 30-year fixed-rate mortgages with conforming loan balances of $417,000 or less rose to 4.18%, its highest level since July. FHA-insured 30-year and 15-year FRMs also reached new highs since July with average interest rates of 3.9% and 3.4%, respectively.
The average rate for 30-year FRMs with a jumbo loan balance edged up a basis point to 4.05%. And the average rate for 5/1 ARMs was the only one to decline during the week, dropping 4 basis points to 3.18%.
