The Market Composite Index, increased 2.8 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 27 percent compared with the previous week. The Refinance Index increased nine percent from the previous week to the highest level since November 2016. The seasonally adjusted Purchase Index decreased three percent from one week earlier. The unadjusted Purchase Index increased 19 percent compared with the previous week and was eight percent higher than the same week one year ago.
The refinance share of mortgage activity increased to 45.4 percent of total applications from 42.1 percent the previous week. The adjustable-rate mortgage (ARM) share of activity remained unchanged at 7.4 percent of total applications. The average loan size for refinance applications reached the highest level since September 2016 at $274,700. The FHA share of total applications increased to 11.2 percent from 10.6 percent the week prior. The VA share of total applications remained unchanged at 11.1 percent from the week prior. The USDA share of total applications remained unchanged at 0.8 percent from the week prior.