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Mortgage applications reverse course, grow 1.3%

escalator up three

Mortgage applications finally inched higher after a couple weeks of declines, increasing 1.3% in the latest Mortgage Bankers Association survey. 

In addition, the refinance index grew 2% from the previous week, while the purchase index dipped a slight 0.4% from a week prior. The week before that, mortgage applications went down even more.

Overall, the refinance share of mortgage activity increased to 61% of all applications. That's up 2% from last week.

The average contract interest rate for a 30-year, fixed-rate mortgage with a conforming loan limit fell to 4.73% from 4.80%.

Meanwhile, the 30-year, FRM jumbo dipped to 4.71% from 4.78% last week.

The average 30-year, FRM backed by the FHA also decreased to 4.48% from 4.52% a week ago.

Additionally, the 15-year, FRM slipped to 3.75% from 3.84%, and the 5/1 ARM fell to 3.49% from 3.50% last week.

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