Mortgage Applications Rise Last Week
Applications were also up 19.5% compared with the same week one year earlier.
The Refinance Index increased 9.2% and the Purchase Index decreased 0.7%.
The Refinance Index is at its highest level since the week ending March 9. The Conventional Index increased 4.1% and the Government Index increased 1.2%.
The refinance share of mortgage activity increased to 49.6% of total applications from 47.0% the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 14.7 from 14.2% of total applications from the previous week.
The average contract interest rate for 30-year fixed-rate mortgages decreased to 6.15% from 6.21%, with points decreasing to 1.05 from 1.13 (including the origination fee) for 80% loan-to-value (LTV) ratio loans.
The average contract interest rate for 15-year fixed-rate mortgages decreased to 5.79% from 5.86%, with points increasing to 1.10 from 1.06 (including the origination fee) for 80% LTV loans.
The average contract interest rate for one-year ARMs decreased to 5.93% from 6.10%, with points increasing to 0.93 from 0.92 (including the origination fee) for 80% LTV loans.