Mortgage applications, interest rates tick up
The number of mortgage applications filed by Americans grew moderately last week as interest rates crept higher, an industry trade group said.
The Mortgage Bankers Association's market composite index – a measure of loan application volume – grew 3.4% over the previous week.
The latest applications survey is for the week ending Feb. 1 and includes adjustments for the Martin Luther King Holiday.
The refinance index alone grew 4%, while the purchase index edged up 2% on a seasonally adjusted basis, according to the MBA.
Overall, refinancing activity made up 78% of total loan applications last week, a slight drop from 79%.
The average contract interest rate for a 30-year, FRM with a conforming loan balance grew to 3.73% from 3.67%, while the average 30-year, FRM with a jumbo loan balance edged up to 3.96% from 3.95%.
The 30-year, FRM backed by FHA grew to 3.53% from 3.48% the previous week.
In addition, the average contract interest rate for the 15-year, FRM increased to 3% from 2.95%, and the average 5/1 ARM edged up to 2.72% from 2.60%.