Expanded MBA Survey Shows Slight Increase In Mortgage Apps

Mortgage application volume rose 0.6% last week, according to the Mortgage Bankers Association‘s (MBA) newly expanded Weekly Mortgage Applications Survey. This week’s results are based on a larger sample, which captures more than 75% of all retail and consumer direct channel mortgage applications, compared to 50% previously.

The Refinance Index increased 2.2% from the previous week, and the seasonally adjusted Purchase Index decreased 4.7%, the MBA reports. The refinance share of mortgage activity increased to 78.3% of total applications from 76.8% the previous week.

The MBA, having tracked its old data sample together with the new sample since January, says there is a high correlation between the old sample and the new one and that no restatement of historical data appears necessary.

The new MBA release also now includes additional information regarding mortgage rates, including reporting on 5/1 adjustable-rate mortgage rates (2.96%) and 30-year fixed rates for jumbo loans (4.55%).

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