After increasing 2.7% the previous week, mortgage application volume increased 0.3% during the week ended March 2, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey.
Applications for refinances increased 2%, while applications for purchases decreased 1%.
The previous week’s results included an adjustment for the Washington’s Birthday (Presidents’ Day) holiday.
On an unadjusted basis, total volume increased 13% compared with the previous week. Applications for purchases increased 13% on an unadjusted basis and were 1% higher compared with the same week one year earlier.
The refinance share of mortgage activity remained unchanged from the previous week at 41.8% of total applications.
The adjustable-rate mortgage (ARM) share of activity increased to 7.3% of total applications, its highest level since June 2017.
Mortgage rates continued to rise. The average rate for a 30-year fixed-rate mortgage, based on closings, was 4.65%, up from 4.64%.