The Mortgage Bankers Association reported that its total Mortgage Market Volume Index improved 0.1% last week (8.3% y/y). Purchase applications gained 1.0% (17.9% y/y) while applications to refinance eased 0.5% (+0.2% y/y).

The effective interest rate on a 15-year mortgage held steady at 3.52%. The effective rate on a 30-year fixed rate loan also was stable at 4.33% but the rate on a Jumbo 30-year loan eased to 4.26%. For adjustable 5-year mortgages, the effective interest rate was steady at 3.24%.

The average mortgage loan size eased to $258,500 (+6.1% y/y). For purchases, it fell to $286,500 (+5.1% y/y) and for refinancings it slipped to $230,800 (+5.2% y/y).

Applications for fixed interest rate loans increased 8.3% y/y, while adjustable rate loan applications gained 2.0% y/y.

The survey covers over 75 percent of all U.S. retail residential mortgage applications, and has been conducted weekly since 1990. Respondents include mortgage bankers, commercial banks and thrifts. The base period and value for all indexes is March 16, 1990=100. The figures for weekly mortgage applications and interest rates are available in Haver's SURVEYW database.