After decreasing 2.6% the previous week, mortgage application volume inched up 0.7% on an adjusted basis during the week ended Feb. 2, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey.
Applications for refinances increased 1%, while applications for purchases were flat compared with the previous week.
On an unadjusted basis, total volume increased 4%. Applications for purchases increased 7% on an unadjusted basis and were 8% higher compared with the same week one year earlier.
The refinance share of mortgage activity decreased to 46.4% of applications, down from 47.8% the previous week to reach the lowest level since July 2017.
The adjustable-rate mortgage (ARM) share of activity increased to 6.1% of total applications.
The average rate for a 30-year fixed-rate mortgage, based on contract signings, was 4.5%, up from 4.41%, to reach its highest level since April 2014.