Applications for mortgage loans increased 2.7% on a seasonally adjusted basis last week from a week earlier, the Mortgage Bankers Association said Wednesday. The seasonally adjusted purchase-only index was also up 2.7%.
On an unadjusted basis, the overall Market Composite Index was up 2.8% from the previous week, with the Refinance Index also adding 2.7%. The unadjusted Purchase Index increased 3.0% compared with the previous week but was 15.3% below the same week one year earlier.
The four-week moving average for the seasonally adjusted Market Index was up 2.5%. The four-week moving average was up 1.0% for the seasonally adjusted Purchase Index and up 3.3% for the Refinance Index.
Rates were largely steady. The average contract interest rate for 30-year fixed-rate mortgages increased to 4.80% from 4.79%, with points decreasing to 0.96 from 1.07. The rate for 15-year fixed-rate mortgages decreased to 4.02% from 4.03%, with points increasing to 0.90 from 0.85.
The refinance share of mortgage activity remained constant at 66.4% of total applications. The adjustable-rate mortgage (ARM) share of activity increased to 5.9% from 5.6% of total applications.