The Market Composite Index, a study of mortgage loan application volume that is compiled by the Mortgage Bankers Association, rose 6.3 percent last week, bouncing back from a disappointing 4.9 percent decline the week before.
Despite historically-low interest rates, mortgage volume had declined for three straight weeks, so last week’s gains represent the first positive data for mortgage volume in almost a month. In addition to the Market Composite, the Refinance index rose 6 percent from last week.
The refinancing share of total mortgage activity ticked up slightly, from 77.1 percent to 77.3 percent, while average interest rates on both 30-year and 15-year fixed mortgages declined. For 30-year, the declines were from 4.23 percent to 4.17 percent, and for 15-year, 3.41 percent to 3.40 percent.