The seasonally adjusted purchase index increased 0.3% from the prior week’s report. On an unadjusted basis, the composite index increased by 3% week-over-week. The unadjusted purchase index increased by 1% for the week and remains 15% lower year-over-year.
Adjustable rate mortgage loans account for 8% of all applications, unchanged from previous weeks.
The MBA’s refinance index increased by 4%, after slipping slightly in the previous week. The share of refinancings increased from 53.6% to 54.4% of all applications, its highest level since March.
The average mortgage loan rate for a conforming 30-year fixed-rate mortgage remained unchanged at 4.33%. The rate for a jumbo 30-year fixed-rate mortgage fell from 4.23% to 4.21%. The average interest rate for a 15-year fixed-rate mortgage increased from 3.41% to 3.47%.
The contract interest rate for a 5/1 adjustable rate mortgage loan rose from 3.17% to 3.21%. Rates on a 30-year FHA-backed fixed rate loan decreased from 4.04% to 4.03%.
Both the purchase index and the refinance index rose last week, which indicates that consumers want to buy or refinance. The numbers remain modest, however, especially for refinancings.
Top Gaining Stocks
Top Losing Stocks