Mortgage applications were on the rise for the week ending March 5, 2017, according to the latest weekly report from the Mortgage Bankers Association (MBA). The total number of applications saw a nice increase of 2.4% from one week earlier.
The Purchase Index had risen 2% and the unadjusted Purchase Index had increased by 2% compared with the previous week and was 6% higher than the same time period last year. The seasonally adjusted Conventional Purchase Index increased 2 percent from the previous week to its highest level since April 2009.
Refinance applications were up slightly to 41.9% from 41.6% the previous week and the refi index was up 3% from the previous week.
Adjustable-rate mortgages (ARM) decreased to 8.2% of total applications.
Applications for FHA loans saw a slight increase of 10.5% from 10.4% the week prior.
VA loan applications were the same at 10.8%.
The USDA share of total applications had also remained unchanged at 0.8%.