The Mortgage Bankers Association Market Composite Index, which measures mortgage application volume, crept up 1.1% last week on a seasonally adjusted basis from a week earlier as the component Purchase Index rose 1.1% and the Refinance Index gained 0.9%. Rates moved up as well.
On an unadjusted basis, the Index increased 0.9% compared with the previous week. The unadjusted Purchase Index increased 0.8% compared with the previous week and was 3.1% higher than the same week one year ago. The unadjusted Refinance Index was up 0.9%.
The four-week moving average for the seasonally adjusted Market Index was up 5.2%. The four-week moving average was up 1.2% for the seasonally adjusted Purchase Index, while this average was up 7.1% for the Refinance Index.
The refinance share of mortgage activity increased to 66.8% from 66.7% the previous week. The adjustable-rate mortgage (ARM) share decreased to 5.8% from 6.3% the previous week.
The average contract interest rate for 30-year fixed-rate mortgages increased to 4.69% from 4.60%, with points decreasing to 0.69 from 0.93. The rate for 15-year fixed-rate mortgages increased to 3.78% from 3.75%, with points decreasing to 1.04 from 1.22.