After sliding 25 percent a week earlier, refinance activity made up some losses, according to the MBA.
Overall, mortgage application volume was up 6.6 percent on a seasonally adjusted basis (6.0 percent unadjusted) for the week ending June 19, and up 17.2 percent compared to the same week a year earlier.
The refinance index increased 5.9 percent, while purchase activity jumped 7.3 percent.
That meant the refinance share of mortgage activity continued to sink lower, falling to 54 percent of total applications from 54.1 percent a week earlier; it was near 80 percent just months ago.
Meanwhile, interest rates saw mild improvement, with the benchmark 30-year fixed dipping to 5.44 percent from 5.50 percent and the 15-year fixed slipping six basis points to 4.93 percent.
The one-year ARM remained unchanged at 6.54 percent, but the adjustable-rate mortgage share of applications decreased to 4.1 percent from 4.3 percent.
The MBA’s weekly survey, released since 1990, covers roughly half of all retail, residential loan applications.
However, it does not factor out multiple or declined applications, which have surely risen as guidelines became more stringent over the past year.
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