The refinance share of mortgage activity increased to 66 percent of total applications from 64 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 6 percent of total applications.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) increased to 4.46 percent from 4.42 percent, with points decreasing to 0.31 from 0.44 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. The effective rate increased from last week.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,000) increased to 4.51 percent from 4.45 percent, with points decreasing to 0.15 from 0.21 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 4.16 percent from 4.15 percent, with points increasing to 0.44 from 0.37 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.
