Mortgage applications increased 9.2% from one week earlier, according to data from the Mortgage Bankers Association's (MBA) weekly mortgage applications survey for the week ending May 11.
The MBA's market composite index, a measure of mortgage loan application volume, increased 9.2% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the index increased 8.7% compared with the previous week.Â
The refinance index increased 13% from the previous week. The refinance share of mortgage activity increased to 74.9% of total applications from 72.1% the previous week.Â Â
The seasonally adjusted purchase index decreased 2.4% from one week earlier. The unadjusted purchase index decreased 2.4% compared with the previous week and was 1% lower than the same week one year ago.
During the month of April, the investor share of applications for home purchase was at 5.7%, unchanged from March. The Pacific region has the largest investor share of applications for home purchase at 9.5%. In addition, the share of purchase mortgages for second homes decreased to 5.7% in April from 5.8% in March.