Mortgage applications shoot up 11.2%
Mortgage applications shifted gears, increasing 11.2% from a week earlier, the Mortgage Bankers Association said this week.
Meanwhile, the refinance index grew 18% from the prior week, while the purchase index rose 3%.
As a whole, the refinance share of mortgage activity inched back up to 61% of total applications, up from 57% a week earlier.
The average contract interest rate for a 30-year, fixed-rate mortgage with a conforming loan limit dropped to 4.75% from 4.80%.
Furthermore, the 30-year, FRM jumbo edged down to 4.83% from 4.84%.
The average 30-year, FRM backed by the FHA fell to 4.50% from 4.56%, and the 15-year, FRM declined to 3.81% from 3.83%.
Meanwhile, the 5/1 ARM plummeted to 3.54% from 3.59% a week earlier.