Mortgage

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.

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