Mortgage applications were on the rise from one week earlier due to a surge in refinance apps, which was at its highest level since March 2017, according to latest Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending May 19, 2017.
The MBA said that total applications increased 4.4% from one week earlier, on a seasonally adjusted basis and an unadjusted basis, it was up by 4% compared with the week prior.
Refinance applications led the charge by going up 11% from last week, which equated to a 43.9% share of total applications from 41.1% the previous week.
The seasonally adjusted Purchase Index decreased 1% from the week prior. The unadjusted Purchase Index was down by 2% and was 3% higher than the same week one year ago, according to the MBA.
Total applications for the adjustable-rate mortgage (ARM) share of activity had risen to 8.2% of total applications.
The FHA share of total applications were on the way up to 10.8% from 10.6% the previous week.
The VA share of total applications decreased to 10.5% from 10.7% the week prior.
The USDA share of total applications remained unchanged at 0.8% from the week prior.