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This week’s results included an adjustment for the Veterans Day holiday.

The Market Composite Index, a measure of mortgage loan application volume, increased 4.9% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 7% compared with the previous week.  The Refinance Index increased 1% from the previous week.

The seasonally adjusted Purchase Index increased 12% from one week earlier to the highest level since July 2014. The unadjusted Purchase Index decreased 3% compared with the previous week and was 6% lower than the same week one year ago.

The refinance share of mortgage activity decreased to 61% of total applications from 63% the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 6.9% of total applications.

The FHA share of total applications increased to 9.9% this week from 9.6% last week. The VA share of total applications increased to 11.5% this week from 11.0% last week.  The USDA share of total applications fell to 0.8% this week from 0.9% last week.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) decreased to 4.18% from 4.19%, with points decreasing to 0.24 from  0.26 (including the origination fee) for 80% loan-to-value ratio (LTV) loans.

The effective rate decreased from last week. The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,000) decreased to 4.10% from 4.13%, with points increasing to 0.16 from 0.15 (including the origination fee) for 80% LTV loans.  The effective rate decreased from last week.

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 3.85% from 3.90%, with points increasing to 0.18 from 0.14 (including the origination fee) for 80% LTV loans. The effective rate decreased from last week.

The average contract interest rate for 15-year fixed-rate mortgages remained unchanged from 3.38%, with points increasing to 0.27 from 0.22 (including the origination fee) for 80% LTV loans. The effective rate increased from last week.

The average contract interest rate for 5/1 ARMs increased to 3.09% from 3.05%, with points increasing to 0.34 from 0.32 (including the origination fee) for 80% LTV loans.  The effective rate increased from last week.

Author:  Trey Garrison – http://www.housingwire.com/articles/32100-mortgage-applications-jump-49-after-three-weeks-of-declines

Come back tomorrow to http://www.AshfordCP.com/blog  where Kennesaw’s Ashford Capital Partners’ Managing Partners Matthew Riedemann brings you news you can use.