According to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey, last week mortgage applications increased 3.6% on a seasonally adjusted basis from the previous week. The Refinance Index jumped 7% averaging the highest level seen since early April while the Purchase Index fell slightly. Refinance activity made up approximately 50% of all applications. Additionally, the average national contract interest rate for 30-year fixed-rate mortgages decreased to 4.09% while the average national contract interest rate for 15-year fixed-rate mortgage also fell to 3.48%. More here
