The volume of mortgage applications filed in the United States last week jumped a seasonally adjusted 16 percent from the previous week, the Mortgage Bankers Association reported today.
Refinance activity was up 17 percent to its highest level since mid-January, according to the MBA’s weekly survey, which covers more than half of all U.S. retail residential mortgage applications. Purchasing rose 13 percent to its highest level this year in the week ended Friday.
“An improving job market is beginning to pave the way for an improving housing market,” Michael Fratantoni, MBA’s vice president of research and economics, said.
According to the MBA’s most recent report, the share of applications filed to refinance an existing mortgage rose to 65.5 percent of total applications from 64.9 percent the previous week.
Adjustable-rate mortgages made up 6 percent of activity last week, up from 5.5 percent a week earlier.
Rates on 30-year fixed-rate mortgages averaged 4.93 percent, up from 4.84 percent, while the average for 15-year fixed-rate mortgages was flat at 4.17 percent.
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