Overall mortgage application volume increased last week despite mixed movement in interest rates, the Mortgage Bankers Association reported today.

The market composite index, a measure of home loan application volume, gained 2.8 percent last week, rising to 690.5 on a seasonally adjusted basis from 671.6 one week earlier.

The index that tracks refinancings posted the strongest growth, up 3.5 percent on a seasonally adjusted basis from the week before, while the purchase-loan index grew 2.2 percent. Both indexes were higher for the third consecutive week, according to MBA.

The refinance share of mortgage activity inched up to 46.2 percent of total applications from 46.1 percent the previous week, and the adjustable-rate mortgage (ARM) share of activity increased to 21.9 percent.

Borrowing costs posted mixed growth last week, with the average contract interest rate on 30-year fixed-rate mortgages sinking to 6.03 percent, the 15-year fixed rate gaining to 5.78 percent, and the rate on the 1-year ARM climbing to 5.86 percent.

Points, which are loan-processing fees expressed as a percent of the total loan amount, averaged 1.38 on the 30-year loans, 1.22 on the 15-year, and 0.76 on 1-year ARMs. Statistics are based on loan-to-value ratios of 80 percent.

The Mortgage Bankers Association survey covers approximately 50 percent of all U.S. retail residential mortgage originations, and has been conducted weekly since 1990. Respondents include mortgage bankers, commercial banks and thrifts.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Don’t miss out! Inman Connect Las Vegas starts tomorrow and you can catch all the excitement with a virtual ticket.Register Now×
Limited time: Get 30 days of Inman Select for $5.SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription