The Mortgage Bankers Association (MBA) released its weekly survey yesterday showing mortgage application volume for the week ending May 6, 2016 had increased 0.4% from the previous week, and 14% higher than last year.
Purchase applications were 0.4% higher for the week, and 14% higher than one year ago. Refinance applications saw an increase of 0.5%, and were 23% higher than May 2015 levels.
Adjustable-rate mortgage (ARM) were up to 5.7% of total applications. FHA mortgage applications dropped to 13.0% from 13.5% last week, and VA loan applications were 11.7% higher from 11.5% the week prior. The USDA share of mortgage applications were unchanged from 0.7% the previous week.
The MBA survey had shown that mortgage rates were mostly on the way down from the previous week.
The 30-year fixed-rate mortgage average contract rate was lower by five basis points to 3.82%.
Jumbo loan rates also decreased five basis points to 3.74%.
The FHA 30 year fixed mortgage average contract rate saw a decrease of five basis points as well to 3.64%, and the 15 year decreased seven basis points to 3.06%.
The average rate for 5/1 ARMs slightly increased to 2.93% from 2.91%.