The total mortgage application volume increased 5.8% from one week earlier, according to the latest weekly report from the Mortgage Banker’s Association (MBA) for the week ending February 24, 2017.
Purchase loan applications increased 7% from the week prior. The unadjusted Purchase Index decreased 1% compared with the previous week and was 5 percent lower than the same week one year ago, which did not include the Presidents’ Day holiday.
Refinance applications were up 5% from the previous week. The refi share of the total loan apps was down to 45.1%, its lowest level since November 2008, from 46.2% the previous week.
Adjustable-rate mortgages (ARM) was unchanged at 7.3% of total applications.
Loan applications for FHA loans increased to 12.3% higher from 11.6% the previous week.
VA loan applications were down to 11.7% from 12.1% the week prior.
The USDA share of total applications remained unchanged at 0.9%.