Refinance applications hit a three-year high, according to data from the Mortgage Bankers Association's (MBA) weekly mortgage applications survey for the week ending July 27.
The MBA's refinance index increased 0.8% from the previous week to its highest level since the week ending April 17, 2009. The slight increase in refinance activity was muted by a 6% drop in government refinance applications, while conventional refinance activity increased about 2% over the week. The MBA adds that the refinance share of mortgage activity increased to 81% of total applications from the previous week to its highest level since the week ending Jan. 20.
The MBA's market composite index increased 0.2% to its highest level since June 8, on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the index also increased 0.2% compared with the previous week.Â
The seasonally adjusted purchase index decreased about 2% from one week earlier. The unadjusted purchase index also decreased compared with the previous week, while the adjustable-rate mortgage share of activity decreased to 4.1% of total applications from the previous week.