Mortgage applications took a turn for the better this week, reversing course and showing an increase.
Mortgage applications increased 4.2% from last week, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending Aug. 17, 2018.
On an unadjusted basis, the Market Composite Index, a measure of loan application volume, increased 3% from the previous week.
The Refinance Index increased 6% from last week, while the unadjusted Purchase Index increased just 1% from last week but is 1% higher than the same week in 2017. The seasonally adjusted Purchase Index jumped 3% from one week prior.
The refinance share of mortgage activity rose slightly from last week’s 37.6% to 38.7% of applications, and the adjustable-rate mortgage share of activity increased to 6.5%, up from 6.2% the week before.
Read more in Housing Wire.