Mortgage applications increased 2.8%, on an adjusted basis, during the week ending Aug. 22, compared to the previous week, according to the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey.
On an unadjusted basis, application volume was up 2% compared with the previous week.
Application volume for refinances increased 3% from the previous week. Applications for purchases were also up 3%.
On an unadjusted basis, applications for purchases were up 1% compared with the previous week – however, they were 11% lower compared to the same week one year ago.
The refinance share of mortgage activity increased to 56% of total applications – up from 55% the previous week.
The average rate for a 30-year fixed-rate mortgage (FRM) with conforming loan balance ($417,000 or less) was 4.28%, down slightly from 4.29% the week prior.
The average rate for a 30-year FRM with jumbo loan balance (greater than $417,000) was 4.22%, up from 4.18% the previous week.
The average rate for a 30-year FRM backed by the Federal Housing Administration was 3.98%, down slightly from 3.99% the week prior.
The average rate for a 15-year FRM was 3.47%, up from 3.44%.
The average rate for a 5/1 adjustable-rate mortgage (ARM) remained unchanged at 3.10%.
The ARM share of activity remained unchanged at 8% of total applications.