On an unadjusted basis, the market composite index, which measures mortgage loan application volume, went up 3% from the week prior. Week over week, the refinance index also increased by 11%.
The seasonally adjusted purchase index dropped by a percent from the week prior, while the unadjusted purchase index went down by 2% from the previous week and was 3% higher year over year.
Refi activity rose to 43.9% of total mortgage applications from 41.1% the previous week; the adjustable-rate mortgage (ARM) share of total mortgage activity went up to 8.2% of total applications.
applications increased to 10.8% of total applications from the prior week’s 10.6%; VA
applications went down to 10.5% from 10.7% the week prior, and USDA applications stayed the same from the week before at 0.8%.
Mortgage apps decrease in weekly survey
New-home mortgage apps fall in April
Mortgage applications increased 4.4% on a seasonally adjusted basis for the week ending May 19, according to the Mortgage Bankers Association's weekly mortgage applications survey.