The volatility continued last week as mortgage application volume climbed back from the depths (of 2000), rising 16.8 percent on as seasonally adjusted basis, according to the latest MBA survey.
On an unadjusted basis, home loan applications were up a staggering 29.6 percent compared to one week earlier, but still remained 30 percent below year-ago levels.
The surge was led by a 28.5 percent rise in refinance applications, a 10.1 percent jump in FHA lending, and an 8.5 percent increase in purchase activity.
The refinance share of mortgage activity increased to 46.9 percent of total applications, up from 42.6 percent a week earlier.
Mortgage rates remained largely unmoved, with the 30-year fixed-rate mortgage averaging 6.26 percent, down from 6.28 percent in the prior reporting period.
The 15-year fixed fell to 6.01 percent from 6.05 percent, while the one-year ARM slipped seven basis points to 6.90 percent.
With adjustable-rate mortgages still outpricing fixed products, the ARM-share of total application volume tumbled to a tiny 1.9 percent from 2.7 percent a week earlier.
The MBA survey, released weekly since 1990, covers about half of all U.S. retail mortgage originations, which have surely risen as a result of wholesale’s demise.
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