Mortgage applications increase on higher purchase volume

Mortgage applications increased last week thanks to a strong uptick in purchase demand. It’s important to note the data included an adjustment for the Memorial Day holiday. Meanwhile, mortgage.

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Purchase loans spike to level unseen since 2010.. Mortgage app volume increases as refi share slips.. Mortgage application volume increased during the week ending Jan. 19, while refinances.

The drop reversed the preceding week’s 9.9 percent increase which was the biggest in 14 months. “The decline in application volume last week was influenced. The MBA’s seasonally adjusted gauge on.

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Mortgage rates dropped again for most loan types, which led to an increase in refinance activity, partly driven by a 9 percent jump in VA applications," said Joel Kan, MBA’s Associate Vice.

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It wasn’t much of a lift, but fixed mortgage rates moved higher for. measure of total loan application volume — decreased 7.3 percent from a week earlier. The refinance index fell 11 percent from.

With mortgage rates falling to their lowest level in over a year, refinance volume drove this week’s increase in application activity, according to the Mortgage Bankers Association. Mortgage applications Glenn McCullom May 22

This represented a 1 percent increase from the previous week. Purchase mortgage application volume fell 2 percent on a seasonally-adjusted basis from the previous week and 6 percent on an unadjusted basis. When compared to the same week in 2011, the purchase index was 2 percent higher on an un-adjusted basis.

Historically, decisions to buy or sell a home are negatively affected by rising mortgage rates, but only modestly so. As noted, some households must move, thus sustaining the purchase volume. Depending on the specific conditions of the housing market, the downside to real estate agents of lower volume can be offset by an increase in house prices.

The average number of mortgage applications slid 2.1% on a seasonally adjusted basis as interest rates grew from the prior week, the Mortgage Bankers Association said Wednesday. Applications.