Mortgage Demand Jumps 3.7% for the Week

Total mortgage demand was up 3.7% this week helping to continue the trend of positive housing news this week, according to the weekly data from the Mortgage Bankers Association.

  • The Purchase index jumped 5% from last week but is still down 28% from the same time last year.
  • The Refinance Index was up 2% from last week but is still down 51% from the same time last year.

Rates. Demand was up despite rates climbing for the second straight week. The average contract interest rate for a 30-year fixed-rate mortgage increased to 6.55% for the week ending April 21st, up 12 basis points from last week and the highest level in early March.

  • The average contract interest rate for 15-year fixed-rate mortgages increased 14 basis points to 6.03%.

Breaking It Down. The refinance share of mortgage activity decreased to 26.8% of total applications and the adjustable-rate mortgage share of activity increased to 6.7% of total applications.