After falling 1.5% the previous week, mortgage application volume rebounded, increasing 5.1% during the week ended June 15, as the average rate for a 30-year fixed-rate mortgage remained unchanged at 4.83%, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey.
Applications for refinances increased 6% while applications for purchases increased 4%.
On an unadjusted basis, total volume increased 3% compared with the previous week. Applications for purchases increased 1% on an unadjusted basis and were 3% higher compared with the same week one year earlier.
The refinance share of mortgage activity increased to 36.8% of total applications, up from 35.6% the previous week.
The adjustable-rate mortgage (ARM) share of activity increased to 7.0% of total applications.
The average rate for a 5/1 ARM, based on closings, was 4.06%, down from 4.11%.