Applications for home mortgage purchases increased 13 percent from the previous week and 25 percent over a year ago, according to a report released Wednesday by the Mortgage Bankers Association.
Adjusted for the Labor Day holiday, purchase applications were up 3 percent for the week. Overall, applications were up 6.8 percent for the week – including a 9 percent increase for refinance applications. Compared to a year ago, refinance applications were 86 percent higher.
The refinance share of mortgage activity increased to 64.3 percent of total applications from 62.8 percent the previous week. The adjustable-rate mortgage share of activity decreased to 2.2 percent of total applications.
“Mortgage applications activity remained strong last week, even as the 30-year fixed-rate mortgage and 15-year fixed-rate mortgage increased to their highest levels since late August,” said Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting.