Mortgage applications were up last week as interest rates crept down, according to a survey from the Mortgage Bankers Association.
Mortgage apps increased 11.2% on a seasonally adjusted basis from the previous week, according to MBA’s Market Composite Index, which measures loan application volume. The index increased 23 percent from the previous week on an unadjusted basis.
The refinance share of mortgage activity jumped to 61% last week from 57% the previous week, with the Home Affordabl3e Refinance Program (HARP) share of refis hitting 40%, the highest level since MPA started tracking HARP refis in early 2012.
Meanwhile, interest rates dipped. The average rate for 30-year fixed-rate mortgages with conforming balances ($417,000 or less) edged down to 4.75% last week from 4.80% the week before. The average rate for jumbo 30-year FRMs inched to 4.83% from 4.84% the previous week. The average rate for 5/1 adjustable-rate mortgages dropped from 3.59% to 3.54% last week.