Mortgage

Mortgage applications rise 4.7%

Refinance share increases 10%

Mortgage applications continue to climb, rising 4.7% for the week ending Jan. 17, the latest report from the Mortgage Bankers Association said.

The refinance index also reported a 10% jump from last week, compared to the purchase index, which fell 4% from a week ago.

Overall, the refinance share of mortgage activity edged higher to 64% of total applications.

The 30-year, fixed-rate mortgage with a conforming loan limit decreased to 4.57%: the lowest level since November 2013.

In addition, the 30-year, FRM with a jumbo loan balance dipped to 4.57% from 4.58%, while the 30-year, FHA rate also dropped to 4.24% from 4.29%.

All three 30-year mortgage rates reached their lowest levels since November 2013, with the 15-year FRM decreasing to 3.68% from 3.72% a week earlier.

Meanwhile, the average contract interest rate for a 5/1 ARM fell to 3.23% from 3.28%.

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