Mortgage applications took an upswing for the week ending Feb. 13, according to data from the Mortgage Bankers Association (MBA).
The Market Composite Index, the MBA’s measure of mortgage loan application volume, increased 2.8% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the index rose by 5%.
The seasonally adjusted Purchase Index dropped 3% from one week earlier, but the unadjusted index increased 3% and was 8% higher than the same week one year ago. The Refinance Index increased 7% from the previous week and was 132% higher than the same week one year ago, while the refinance share of mortgage activity increased to 57.4% of total applications from 56.4% percent in the previous week.
“Refinance applications increased across all loan types, marking the strongest week for refinancing since mid-January,” said Joel Kan, MBA’s vice president and deputy chief economist.
Among the federal programs, the FHA share of total applications remained unchanged at 18.4% and the USDA share of total applications remained unchanged at 0.4% while the VA share of total applications increased to 16.5% from 16.0% percent the week prior.
