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%.