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Mortgage applications climb 4.3%

Refis up as activity reverses four weeks of declines

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Reversing four weeks of straight declines, mortgage applications climbed 4.3% from last week, according to the Mortgage Bankers Association’s weekly survey of mortgage activity for the week ending April 11, 2014.

The Market Composite Index, a measure of mortgage loan application volume, increased 4.3% on a seasonally adjusted basis from one week earlier.

The Refinance Index increased 7% from the previous week. The seasonally adjusted Purchase Index increased 1% from one week earlier.

The refinance share of mortgage activity increased to 52% of total applications from 51% the previous week. The adjustable-rate mortgage share of activity remained unchanged at 8% of total applications.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) decreased to 4.47% from 4.56%, with points decreasing to 0.32 from 0.33 (including the origination fee) for 80% loan-to-value ratio loans. The effective rate decreased from last week.

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,000) decreased to 4.39% from 4.49%, with points increasing to 0.18 from 0.14 (including the origination fee) for 80% LTV loans. The effective rate decreased from last week.

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 4.14% from 4.19%, with points decreasing to 0.06 from 0.16 (including the origination fee) for 80% LTV loans. The effective rate decreased from last week.

The average contract interest rate for 15-year fixed-rate mortgages decreased to 3.54% from 3.62%, with points decreasing to 0.24 from 0.31 (including the origination fee) for 80% LTV loans. The effective rate decreased from last week.

The average contract interest rate for 5/1 ARMs decreased to 3.15% from 3.26%, with points decreasing to 0.41 from 0.50 (including the origination fee) for 80% LTV loans. The effective rate decreased from last week.

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