Mortgage application volume increased for the first time in about a month thanks to strong gains across all loan types, the Mortgage Bankers Association said today.
The application index increased 10.9 percent on a seasonally adjusted basis for the week ending June 6, and was up 23 percent on an unadjusted basis compared to one week earlier.
However, application volume was still 16.5 percent below levels seen during the same week a year ago, much thanks to a recent slide that left activity at pre-boom levels.
The latest surge was led by a 17 percent jump in FHA loans, a 12.8 percent increase in purchase activity, and an 8.4 percent increase in refinance loans.
Despite the increase in refinance apps, the refinance share of activity dipped to just 39.8 percent from 40.6 percent.
Interest rates were no help either, with the traditional 30-year fixed-rate mortgage rising to 6.24 percent from 6.17 percent.
The 15-year also worsened, climbing to 5.78 percent from 5.7 percent a week earlier, as mortgage points increased on both products by six basis points to 1.12 percent on average.
Interestingly, the ARM share of total applications increased to 10.3 percent from 8.7 percent, despite the fact that the one-year adjustable-rate mortgage climbed to 6.87 percent from 6.8 percent a week earlier.
Mortgage points decreased two basis points to 1.42 percent, but still remain markedly higher than the costs associated with fixed loans.
(photo:ghat)
Related Topics:
