After two weeks of decline, mortgage applications rose to
5.8% as per the latest data collected by Mortgage Bankers Association’s Weekly
Mortgage Survey for the week ending Feb 24th,2017.
Despite the record low activity in refinance applications as
interest rates remained above 4%, Mortgage applications managed to increase.
The refinance share of mortgage activity decreased to 45.1%
of total applications. This is the lowest level since Nov 2008. This is down
from 46.2% the previous week.
The adjustable rate mortgage activity remained unchanged at
7.3% of total applications.
The Refinance Index increased 5% from the previous week to
its highest level since December 2016. The seasonally adjusted Purchase index
increased 7% from one week earlier.
The average contract rate for 30-year fixed -rate mortgages
with conforming loan balances decreased to 4.30% from 4.36%.
Similarly, the average contract interest rate for 30- year
fixed-rate mortgages with jumbo loan balances decreased to 4.23% from 4.29%.
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