Mortgage Applications Jump To Highest Level in Over a Month,Borrowers Worry Lower Rates May Be Gone
Mortgage Application Volume Rose 9.6% Last week Compared With The Previous Week, According To The Mortgage Bankers Association.
Refinance demand, which is most sensitive to small rate moves, increased 13% from the Previous week and was 188% higher than a year ago, when interest rates were 114 basis Points higher.
The refinance share of mortgage activity increased to 61.9% of total applications from 59.5% The previous week. The adjustable-rate mortgage share of activity decreased to 4.9% of total Applications.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($484,350 or less) increased to 4.03% from 3.98%, with points decreasing to 0.31 from 0.37 (including the origination fee) for loans with a 20% down payment.
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