After decreasing 2.9% the previous week, mortgage application volume jumped 4.1% during the week ended June 1, as the average rate for a 30-year fixed-rate mortgage fell nine basis points to 4.75%, down from 4.84%, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey.
The report includes an adjustment for the Memorial Day holiday.
Applications for refinances increased 4% while applications for purchases also increased 4%.
On an unadjusted basis, total application volume decreased 7% compared with the previous week. Applications for purchases decreased 8% on an unadjusted basis and were down 9% compared with the same week one year earlier.
The refinance share of mortgage activity increased to 35.6% of total applications, up from 35.3% the previous week.
The adjustable-rate mortgage (ARM) share of activity increased to 7.1% of total applications.
The average rate for a 5/1 ARM was 4.08%, down from 4.11%.
