Mortgage applications for the week ending Aug. 21 increased 20 basis points on an adjusted basis from the prior week, according to the Mortgage Bankers Association's weekly applications survey.
On an unadjusted basis the MBA's application index decreased 1% as did its refinance index. Refinancing as a share of mortgage activity dropped 20 basis points, to 55.3%.
The MBA's seasonally adjusted purchase index increased 2% from the prior week while decreasing 30 basis points on an unadjusted basis. The MBA reported its purchase index as 18% higher the same time a year ago, driven by government home purchase loan applications.
Applications for Federal Housing Administration loans rose 5.6% from the previous week, with Department of Veterans Affairs loan applications rising a comparable 5.2%. The MBA said that private home loan applications stayed level.
Adjustable-rate mortgages as a share of activity dropped 10 basis points to 6.8% from
The average contract interest rate for 30-year fixed-rate FHA-backed mortgages increased two basis points, to 3.9%, with an increase of four basis points for 80% LTV loans.
The average contract interest rate for 15-year fixed-rate mortgages decreased four basis points, to 3.33%, while the average contract interest rate for 5/1 adjustable-rate mortgages dropped two basis points to 2.96%.
