Mortgage application filings increased 5.5% last week, according to the Mortgage Bankers Association weekly survey released Wednesday.
The MBA’s mortgage application index, a measure of loan application volume, reached 707.3 last week, its highest level this year, but a far cry from its all-time high of 1,856.7 during the week ended May 30, 2003.
The previous high for the index was 721.2 on December 8, 2006.
Overall mortgage applications last week were 9.2% higher than their year-ago level, while the less volatile four-week moving average was up 1.9%..
Refinance applications led the way, rising 6.4% week-to-week, while mortgage applications to purchase a home also rose 4.8%.
Refinances made up 50.2% of the application volume, up from 49% the previous week.
Mortgage applications tied to adjustable-rate mortgages also rose to 15.5% last week from 14.2% the week before.
According to the MBA, interest rates were up on 30-year fixed mortgages, averaging 6.19% last week, up from 6.16% the prior week.
The average rate on a 15-year fixed mortgage was unchanged, and the rate on a one-year ARM averaged 5.98%, up from 5.94% the previous week.
The Washington-based Mortgage Bankers Association’s loan survey covers about half of all U.S. retail residential mortgage originations.
Yesterday, The National Association of Realtors said pending home sales rose 0.2% in September, but remained more than 20% lower than year-ago levels.
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