After decreasing for three consecutive weeks, mortgage application volume regained some ground during the week ended Sept. 14, increasing 1.6% on an adjusted basis as the average rate for a 30-year fixed-rate mortgage increased to 4.88%, up from 4.84%, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey.
It was only the second week that saw an increase since the week of August 1.
Applications for refinances increased 4% while applications for purchases increased 0.3%.
The previous week’s results included an adjustment for the Labor Day holiday.
On an unadjusted basis, total volume increased 12%.
Applications for purchases increased 9% on an unadjusted basis compared with the previous week and were 4% higher compared with the same week one year earlier.
The refinance share of mortgage activity increased to 39.0% of total applications, up from 37.8% the previous week.
The adjustable-rate mortgage (ARM) share of activity increased to 6.5% of total applications.
The average rate for a 5/1 ARM increased to 4.17%, up from 4.07%.