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Mortgage applications edge up 1%

Refi filings now represent 65% of all apps

Mortgage applications recovered a bit from last week’s drop, edging up 1% for the week ended Dec. 6, the Mortgage Bankers Association said.

The refinance Index climbed 2% from the previous week, but still came in 16% lower than the week recorded right before Thanksgiving. The purchase index rose 1%.

The refinance share of mortgage activity regained some momentum, increasing to 65% of total applications from 63% the previous week.

The 30-year, fixed-rate mortgage with a conforming loan limit jumped to 4.61% from 4.51%, compared to the 30-year, FRM with a jumbo loan balance, which escalated to 4.59% from 4.49%.

The 30-year, FHA rate soared to 4.30% from 4.17%, while the 15-year FRM rose to 3.66% from 3.56% last week.

All the FRMs hit their highest level since September.

Additionally, the average contract interest rate for a 5/1 ARM ticked up to 3.11% from 3.09%. 

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