WASHINGTON (6/13/13)--U.S. mortgage applications increased 5% from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending June 7.
The Market Composite Index, a measure of mortgage loan application volume, gained 5% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the index rose 16%, compared with the previous week.
The Refinance Index went up 5% from the prior week. Despite the increase in the refinance index last week, the level is still 11% lower than two weeks prior and 36% below the recent peak at the beginning of May. The seasonally adjusted Purchase Index rose 5% from one week earlier. The unadjusted Purchase Index increased 14%, compared with the previous week and was 6% higher than the same week one year ago.
The refinance share of mortgage activity rose to 69% of total applications from 68% the previous week. The adjustable-rate mortgage share of activity increased to 7% of total applications. The Home Affordable Refinance Program share of refinance applications fell from 32% the prior week to 29%.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,500 or less) increased to 4.15%--the highest rate since March 2012, from 4.07%, with points rising to 0.48 from 0.35--including the origination fee--for 80% loan-to-value ratio (LTV) loans.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,500) rose to 4.25%, the highest rate since May 2012, from 4.2%, with points increasing to 0.32 from 0.28--including the origination fee--for 80% LTV loans.