Mortgage Application Activity Increases for Second Week in a Row

Mortgage application volume for the week ending August 22, 2014 increased 2.8% over the previous week according to the Mortgage Bankers Association’s (MBA) Weekly Application Survey. The latest survey results mark the second week in a row that application volume has grown on a week-over-week basis. (Application volume for the week ending August 15, 2014 rose 1.4% from the week earlier.)

The Refinance Index rose 3% over the last week while the “refinance share of mortgage activity increased to 56 percent of total applications, the highest level since March 2014.” On a seasonally adjusted basis, the Purchase Index was up by 3% over the prior week.

Mortgage interest rates remained level in the latest survey. The average 30-year fixed-rate interest rate for conforming loans ($417,000 or less) decreased to 4.28% from 4.29% and the 30-year fixed-rate interest rate for non-conforming loans (greater than $417,000) rose to 4.22% from 4.18% the week before. Read more at http://bit.ly/1qMqXSa.

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