US mortgage applications bounce back, says MBA

US MBA mortgage application volumes grew 0.20% in the last week, according to data from the Mortgage Bankers Association, versus the previous week's 4.8% decline.

Seasonally adjusted total mortgage application volumes were also 20% higher than the same week one year ago, the MBA said.

These new home figures have diverged from applications to refinance existing homes, which fell 2% for the week on a seasonally adjusted basis, but were up 13% higher year on year.

The MBA said purchase applications rose 4% to the highest level since January and were 30% higher than last year.

"Mortgage markets continued to retrench last week," said Lynn Fisher, the MBA's vice president of research and economics. "Declining refinance activity was accompanied by falling average loan sizes for refinance applications, which have decreased for the third consecutive week after reaching their survey peak."