Mortgage applications edged up slightly last week as rates eased off.
The Mortgage Bankers Association Weekly Mortgage Applications Survey has indicated mortgage loan applications were up 1.3% last week from the previous week. Refinances, which had suffered from rising rates, rose 2% on the week.
Much of the uplift could be due to a slight easing in mortgage rates last week. The average rate for a 30-year fixed-rate conforming mortgage fell to 4.73% from 4.80% the week prior.
The lower rates have also seen a slight increase in the refinance share of mortgage activity. Refinances represented 61% of total applications, up from 60% the previous week. The HARP share of refinance applications also rose, from 35% to 38%. The MBA said the HARP share of refinances was the highest since the association started tracking the measure in early 2012.