The number of mortgage applications filed in the U.S. shot up 4.5% for the week ending Nov. 30 as more Americans turned to refinancing, an industry trade group said.
The Mortgage Bankers Association reported that its refinance index increased 6% from the previous week, while the purchase index edged up 0.1%.
The refinancing share of mortgage activity also increased to 83% of total applications, up from 81% a week earlier. Refinancing activity tied to the Home Affordable Refinance Program represented 27% of all refinancing applications.
A person taking out a 30-year, fixed-rate mortgage with a conforming loan balance last week saw their average rate fall to 3.52%, matching the rate’s historical record low.
The average 30-year, FRM on a jumbo loan increased to 3.79%, up from 3.75%.
In addition, the average 30-year, FRM backed by the FHA fell to 3.34%, its lowest level in the survey’s history.
Furthermore, the average contract rate for a 15-year, FRM declined to another record low of 2.86% from 2.89% a week earlier.
The 5/1 ARM rate, meanwhile, increased to 2.62%, up from 2.60% last week.