Refinance activity edged up 34% from the week before, and purchase applications spiked 25% week over week. Despite these increases, Fratantoni noted that refi application levels remain 81% below last year’s pace, and purchase volume is still 35% below year-ago levels.
Of total applications, the refi share of mortgage activity grew five basis points to 31.2%, while the adjustable-rate mortgage (ARM) share of activity decreased to 6.6%. The FHA share of total applications fell to 13%, the VA share dropped to 11.8%, and the USDA share remained unchanged at 0.6% from the week prior.
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