Home loan application volume increased 11.9 percent on a seasonally adjusted basis for the week ending November 7, according to the MBA.
On an unadjusted basis, the index was up 10.5 percent compared to one week earlier, but still off 40.0 percent compared to the same period a year ago.
The increased in application volume was led by a 16.1 percent jump in refinance activity and a 15.3 percent rise in FHA lending.
As a result, the refinance share of mortgage activity increased to 45.1 percent of total applications, up from 42.9 percent a week earlier.
Meanwhile, interest rates continued their infinite yo-yoing cycle, this time decreasing.
The traditional 30-year fixed-rate mortgage slipped to 6.24 percent from 6.47 percent, while the 15-year fixed decreased to 5.90 percent from 6.14 percent.
The one-year ARM fell nine basis points to 6.77 percent, but the adjustable-rate share of application volume slipped to just 2.3 percent, down from 2.5 percent a week earlier.
The MBA’s weekly survey, compiled since 1990, covers about half of all retail residential loan applications.
With a mass exodus seen in the wholesale channel, retail application volume is seemingly performing even more poorly than the numbers imply.
Also factor in the fact that the MBA survey doesn’t differentiate an approved application from a denied one.
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