Industry data released on Wednesday showed that mortgage application volume edged up slightly last week, as refinance activity ticked up over 1 percent.
The Mortgage Bankers Association revealed that its market index of mortgage application volume rose 2 percent on a seasonally adjusted basis for the week of May 1st. The Market Composite Index was 979.7 compared to 960.6 in the previous week.
On an unadjusted basis, the index increased 2.4 percent, and it was up 43.7 percent on a year-over-year basis.
The Refinance Index increased 1.2 percent from the previous week. For the week of May 1st, the index ticked up to 5169.3 from 5108.2 in the previous week. The percentage of mortgage activity taking place through refinancing was slightly lower, at 74.4 percent versus 75.3 percent in the previous week.
The conventional and government purchase indices both increased, with the conventional purchase index rising 5.5 percent and the government purchase index, largely made up of FHA loans, ticking up 4.4 percent.
The adjustable rate mortgage share of activity was unchanged for the previous week at 2.1 percent of total applications.
Interest rates increased across the board, with 30-year fixed-rate mortgages ticking up to 4.79 percent from 4.62 percent last week. The rates for 15-year fixed-rate rose at 4.57 percent from 4.45 percent in the previous week. One-year ARMs jumped to 6.36 percent from 6.23 percent.
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