The total mortgage application volume on a seasonally adjusted basis was on the rise by 2.8% from one week earlier, according to the latest report from the Mortgage Bankers Association (MBA) for the week ending June 9, 2017. The Index on an unadjusted basis also increased 27% compared with the week prior.
The seasonally adjusted Purchase Index was down 3% from the previous week and the unadjusted Purchase Index was on the way up by 19% compared with the previous week and was 8% higher than the same week one year ago.
Refinance applications were increased to 45.4% of total applications, from 42.1% the previous week. The MBA said that the average loan size for refinance applications reached the highest level since September 2016 at $274,700.
Adjustable-rate mortgages (ARM) were the same as the previous week at 7.4% of total applications.
Loan applications for FHA loans were on the way up to 11.2% of total loan apps, a nice increase from 10.6% the week prior.
VA loan applications were unchanged at 11.1%.
The USDA share of total applications also remained the same at .8%.