Mortgage applications up due to lower rates
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PrintMortgage loan applications were up 17 percent compared to the previous week, according to the Mortgage Bankers Association (MBA) weekly survey. The application are up over 64 percent, compared to the same week last year. The MBA attributes this up tick in mortgage applications to lower mortgage rates.
The average interest rate for 30-year fixed-rate mortgages decreased to 5.02 percent from 5.15 percent, with points increasing to 1.23 from 1.09. While the average interest rate for one-year ARMs decreased to 6.69 percent from 6.71 percent, with points decreasing to 0.19 from 0.20.
The refinance share of mortgage activity increased to 59.8 percent of total applications from 56.5 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 5.8 percent from 5.6 percent of total applications from the previous week.
The seasonally adjusted Purchase Index increased 9.5 percent from one week earlier. This was the largest gain since early April, putting the index at the highest level since the first week of January.
