Mortgage apps inch up 5.5%
Increase breaks a period of stagnation
Mortgage applications inched up 5.5% from a week earlier, the Mortgage Bankers Association said this week. This comes after last week's significant jump after weeks of little movement.
Furthermore, both the refinance and purchase index rose 5% from the previous week.
As a whole, the refinance share of mortgage activity stayed frozen at 61% of total applications.
The average contract interest rate for a 30-year, fixed-rate mortgage with a conforming loan limit fell to 4.62% from 4.75%.
Meanwhile, the 30-year, FRM jumbo dipped to 4.66% from 4.83%.
The average 30-year, FRM backed by the FHA decreased to 4.32% from 4.50%, and the 15-year, FRM dropped to 3.68% from 3.81%.
In addition, the 5/1 ARM plummeted to 3.39% from 3.55% a week earlier.