A recent survey shows an increase in mortgage application activity for the week ending December 9 and is driven by increases in refinance applications.
The Mortgage Bankers Association's Weekly Mortgage Applications Survey reveals a 4.1 percent increase on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 4.2 percent when compared to the prior week.
The Refinance Index increased 9.3 percent to its highest level since November 4 this year, while the seasonally adjusted Purchase Index decreased 8.2 percent from one week earlier. The unadjusted Purchase Index fell 11.8 percent when compared to the week prior and was 4.3 percent lower than this time last year.
The refinance share of mortgage activity increased to make up 79.7 percent of total applications, up from 76 percent reported the previous week. This week's numbers are the highest refinance share this year. The adjustable-rate mortgage share of activity decreased to 5.6 percent from 5.7 percent of total applications from the previous week.