RTTNews - Industry data released on Wednesday showed that mortgage application volume ticked up over 2 percent last week, as refinance activity jumped over 4 percent.

The Mortgage Bankers Association revealed that its market index of mortgage application volume rose 2.3 percent on a seasonally adjusted basis for the week of May 15th. The Market Composite Index was 915.9 compared to 895.6 in the previous week.

On an unadjusted basis, the index rose 2 percent, and it was up 42 percent on a year-over-year basis.

The Refinance Index bucked its recent downward trend from its peak in mid-April by jumping 4.5 percent from the previous week. The refinance share of mortgage activity increased to 73.6 percent from 71.9 percent of total applications in the previous week.

For the week of May 15th, the index ticked down to 4794.4 from 4588.6 in the previous week.

The adjustable rate mortgage share of activity increased to 2.4 percent from the previous week, when it made up 2.3 percent of total applications.

Interest rates decreased across the board, with 30-year fixed-rate mortgages sliding 4.69 percent from 4.76 percent last week. The rates for 15-year fixed-rate also declined, slipping to 4.44 percent from 4.50 percent in the previous week. One-year ARMs also slid to 6.38 percent from 6.42 percent in the previous week.

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