Mortgage applications slightly edged up 2.6% for the week ending Jan. 3, the latest report from an industry trade group revealed.
According to the Mortgage Bankers Association, the week’s results were adjusted to account for the New Year’s Day holiday.
The refinance index escalated 5% from the previous week after falling by 9% one week earlier. Comparatively, the purchase index dipped 1% from a week ago.
As a whole, the refinance share of mortgage activity kept the same level at 63% of total applications.
Both the 30-year, fixed-rate mortgage with a conforming loan limit and the 30-year, FRM with a jumbo loan balance stayed frozen at 4.72% and 4.66%, respectively.
The 30-year, FHA rate slightly increased to 4.36% from 4.35%, while the 15-year FRM jumped to 3.77% from 3.73% last week.
In addition, the average contract interest rate for a 5/1 ARM climbed to 3.33% from 3.31%.