Mortgage applications jumped last week thanks to lower rates according to the Weekly Mortgage Applications Survey (Mortgage Bankers Association)
- THE MARKET COMPOSITE INDEX increased 8.1% on a seasonally adjusted basis from one week earlier.
- REFIS: The Refinance Index increased 11% from the previous week and was 59% higher than the same week one year ago.
- PURCHASE: The Purchase Index increased 0.1% from one week earlier and was 16% higher than the same week one year ago.
Refi’s increased to 71.4% of total applications from 70.7%the previous week and mortgage rates fell for the week with the average contract interest rate for 30-year fixed-rate mortgages decreasing to 2.92% from 2.95%
Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting, said in a statement, “The one-week reversal in the recent upswing in rates drove an increase in both conventional and government refinance activity, as borrowers continue to lock in these historically low rates.”
