Last week saw upswings in the purchase and refinance markets, according to the latest Mortgage Bankers Association
Weekly Mortgage Applications Survey for the week ending May 5.
The Market Composite Index increased by 2.4 percent on a seasonally adjusted basis and by three percent on an unadjusted basis. Both the seasonally adjusted and unadjusted Purchase Index increased by two percent from one week earlier—the seasonally adjusted index hit its highest level since October 2015 while the unadjusted index was six percent higher than the same week one year ago. The seasonally adjusted Conventional Purchase Index also took a two percent increase from the previous week to its highest level since April 2009.
The Refinance Index increased three percent from the previous week while the refinance share of mortgage activity increased to 41.9 percent of total applications from 41.6 percent the previous week. Among the federal programs, the FHA share of total applications increased to 10.5 percent from 10.4 percent the week prior while the VA and USDA shares of total applications remained unchanged at 10.8 percent and 0.8 percent, respectively.