Mortgage applications increased 2.7% from last week, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending February 23, 2018.
The MBA explained this week’s results include an adjustment due to the President’s Day holiday.
On an unadjusted basis, the index decreased 6% from last week.
The Refinance Index decreased 1% from the previous week. The Purchase Index, however, increased 6% from last week.
The refinance share of mortgage activity decreased to 41.8% of total applications, down from 44.4% the week before.
The adjustable-rate mortgage share of activity increased to 6.7% of total applications, up from 6.4% last week.
The Federal Housing Administration share of applications increased from 9.9% last week to 10.3% this week, and the Veterans Affairs' share of applications increased from 10% to 10.7%.
The Department of Agriculture share of total applications remained unchanged from last week’s 0.8%.
The MBA reported mortgage interest rates for 30-year fixed-rate mortgages with conforming loan balances ($453,100 or less) remained unchanged from last week’s 4.64%, still the highest level since January 2014.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $453,100) decreased to 4.57% from 4.62% last week.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 4.68%, up from last week’s 4.58% to its highest level since April 2011.
The average contract interest rate for 15-year fixed-rate mortgages increased to 4.07% from 4.02%, also the highest level since April 2011.
Lastly, the average contract interest rate for 5/1 ARMs increased to 3.85%, up from 3.72%, the highest level since February 2011.
