Mortgage App Volume Rises

Application volume rose 9.6% over where it was the previous week on a seasonally adjusted basis, according to the Mortgage Bankers Association latest survey.The association said apps during the week ended July 1 also were up from the previous week on an unadjusted basis -- by 9.5%. Apps were also up year-over-year on an adjusted basis -- by 23.2%. On a seasonally adjusted basis, the MBA's Purchase Index rose 9.1% from the previous week, the Refinance Index was up 10.2% from a week earlier, the Government Index jumped 18.8% over the previous week and the Conventional Index increased 9.1% from the week before. The MBA also added moving averages that represent short-term trend in the indices in its latest report. These showed that, on a seasonally adjusted basis, the Market Index has been up 1.3%, the Purchase Index has been up 0.8% and the Refinance Index has been up 2.0%. In the latest reported week, refinances represented 45.7% of the applications during the week, slightly up from 45.4% a week earlier. The adjustable-rate mortgage share also inched up to 30.7% of applications from 30.0% the previous week. Average rates and points, including the origination fee, for 80% loan-to-value mortgages shifted as follows in the latest reported week vs. the prior week: for 30-year loans, the rate rose to 5.58% from 5.47% as points fell to 1.14 from 1.21; for 15-year loans, the rate increased to 5.18% from 5.06% as points rose to 1.13 from 1.07; and for one-year ARMs the rate rose to 4.60% from 4.42% with points falling to 0.97% from 1.01%.