Refinance Applications Up 118% Year-Over-Year – NMP Skip to main content

Refinance Applications Up 118% Year-Over-Year

Aug 14, 2024
mortgage applications
Associate Editor

Mortgage applications increased almost 17% for the week ending Aug. 9

Mortgage applications reached their highest volume in nearly 20 months last week, boosted by an uptick in refinance applications.

The Mortgage Bankers Association’s (MBA) Weekly Applications Survey indicated that mortgage applications increased 16.8% the week ending Aug. 9, from the week prior.

The Refinance Index in particular jumped 118% annually and 35% on a weekly basis. Purchase applications rose by 3% from the week prior and the purchase index was 8% lower year over year. On an unadjusted basis, the MBA’s Market Composite Index increased 15% compared with a week earlier. 

“Rates on both 30- and 15-year fixed rate mortgages decreased for the second consecutive week, and combined with the previous week’s rate moves, spurred another strong week for application activity as borrowers with higher rates took the opportunity to refinance,” MBA’s Vice President and Deputy Chief Economist Joel Kan commented. “Overall applications increased almost 17 percent to the highest level since January 2023, driven by a 35 percent increase in refinance applications. The refinance index also saw its strongest week since May 2022 and was 117 percent higher than a year ago, driven by gains in conventional, FHA, and VA applications. Additionally, purchase applications increased by 3 percent, with small gains seen across the various loan types, indicating that prospective homebuyers are slowly reentering the market.”

Among total application activity, the refinance share increased from 41.7% to 48.6% from the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 7.3% of total applications; the FHA share moved up slightly from 13.4% to 13.5%; and, the VA share rose from 14.3% to 16.8%. The only decrease was experienced by USDA applications, which declined in total share from 0.4% to 0.3%.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($766,550 or less) decreased to 6.54% from 6.55%, with points decreasing to 0.57 from 0.58 (including the origination fee) for 80% loan-to-value ratio (LTV) loans. The effective rate decreased from last week.

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $766,550) increased to 6.78% from 6.77%, with points decreasing to 0.37 from 0.50 (including the origination fee) for 80% LTV loans. The effective rate decreased from last week.

About the author
Associate Editor
Erica Drzewiecki is an associate editor at NMP.
Published
Aug 14, 2024
Investor Home Purchases Hold Steady Despite Housing Market Slowdown

Realtor.com report finds investors accounted for 11.3% of home purchases in 2025, as small investors gained market share and institutional buyers continued to retreat

Jun 23, 2026
Seller Concessions Hit Record Spring High, Giving Buyers More Leverage

Nearly half of home sales included seller concessions in May, creating new opportunities for borrowers to reduce upfront costs and negotiate better terms

Jun 23, 2026
Housing Supply May Matter More Than Rates: JPMorgan

New report argues factory-built housing could lower construction costs, expand affordable inventory, and create more opportunities for first-time homebuyers

Jun 23, 2026
Best And Worst Markets For Single-Parent Homeownership

LendingTree finds single parents in some metros are more than twice as likely to own a home as those in the nation's least affordable markets

Jun 22, 2026
One-Third Of Homeowners Expect To Refinance Despite Elevated Mortgage Rates

Many prospective refinancers carry mortgage rates above 5%, suggesting demand could accelerate if borrowing costs decline

Jun 19, 2026
FHA Continues To Drive New-Home Purchase Activity

Government-backed loans accounted for more than half of builder applications for a fifth straight month as loan sizes fell and buyers remained rate-sensitive

Jun 19, 2026