Mortgage application volume increased 2.7% on an adjusted basis during the week ended Feb. 23, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey.
Applications for refinances decreased 1% while applications for purchases increased 6% compared with the previous week.
The results include an adjustment for the Washington’s Birthday (Presidents’ Day) holiday.
On an unadjusted basis, total volume fell 6% compared with the previous week. Applications for purchases decreased 1% on an unadjusted basis but were 3% higher compared with the same week one year earlier.
The refinance share of mortgage activity decreased to 41.8% of total applications.
The adjustable-rate mortgage (ARM) share of activity increased to 6.7% of total applications.
The average interest rate for a 30-year fixed-rate mortgage, based on closings, was 4.64%, unchanged from the previous week.
The average rate for a 5/1 ARM was 3.85%, up from from 3.72% to reach the highest level since February 2011.