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Bonds Are a 'Safe' Investment: A Big Lie Gets Even BiggerThe Mortgage Bankers Association's composite index of applications increased to 513.4, on a seasonally-adjusted basis, from last week's 477.7.
Compared to a year ago, the composite index is down 18.1% on an unadjusted basis.
The Refinance Index increased 8.7% to 1,379.3 from 1,269.2 the previous week and the seasonally adjusted Purchase Index increased 6.7% to 365.8 from 342.8 one week earlier.
Meanwhile, the average rate for a 30-year fixed loan increased slightly to 6.43% from 6.33% the prior week. The average rate for a 15-year fixed mortgage increased to 5.94% from 5.90%.
Also, the share of applications that involved a refinance increased to 37.3% from 36.8% one week earlier.
Created in 1990, the Mortgage Bankers Association's loan survey covers about half of all U.S. retail residential mortgage originations.
Economic Analysis: A week-over-week increase in mortgage application activity, but it's important to note the sector was at a low base, due to the housing slump, and that mortgage applications are still down considerably, on a year-over-year basis. Further, for the housing sector to regain its sea legs - - and to help increase U.S. commercial activity - - mortgage rates must move toward the lower-end of their 10-year average range, ideally below 6% for a 30-year fixed rate mortgage.
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