Mortgage applications rose last week to the highest level since July 2005, spurred by an increase in both purchase and refinance activity.
The Mortgage Bankers Association’s index of mortgage applications rose by a seasonally adjusted 2.5% to 811.8 in the week ended December 7, still well below its peak of 1,856.7 during the week ending May 30, 2003.
On an unadjusted basis, applications were up 14.2% compared with the same week a year ago.
Refinance applications increased 4.3% last week compared with the previous week, and purchase applications increased 1.7%.
The share of refinance activity climbed to 57.6% of total applications from 56.0% the previous week, while the adjustable-rate mortgage share dipped to 9.4%, down from 11.6% of applications the previous week.
Mortgage rates rose last week following a huge decline the prior week, with the 30-year fixed-rate mortgage averaging 6.07%, up from 5.82%, while the 15-year fixed mortgage increased to 5.72% from 5.38%.
The one-year adjustable-rate mortgage also climbed slightly higher, averaging 6.31%, up from 6.28% the previous week.
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