Mortgage loan application volume across the U.S. ticked up 2.0 percent over the past week on a seasonally adjusted basis and 3.0 percent in the absolute, according to data from the Mortgage Bankers Association.

That being said, application volumes to refinance were down 72 percent on a year-over-year basis and purchase loan applications were still 8.0 percent lower than at the same time last year with a drop in pending sales.

And with the benchmark 30-year mortgage rate nearing a 13-year high and poised to climb, the share of Adjustable Rate Mortgage (ARM) loan applications has nearly tripled over the past three months to 11 percent and rising.

Leave a Reply

Your email address will not be published. Required fields are marked *