Mortgage demand jumped 2.1% from one week earlier, according to the latest data from the Mortgage Bankers Association’s (MBA)
- REFI: Demand for refis led the way with the index up 3% from the previous week. However, demand was 9% lower than the same week one year ago
- PURCHASE: The Purchase Index was also up slightly with a 1% increase week-over-week and like refis was down year-over-year with a 14% drop.
Mortgage rates reversed trend and were actually up when compared to the previous week…
- 30-YR FIXED: Jumped up 7 basis points to 3.18%, with points increasing to 0.48.
- 15-YR FIXED: Jumped up 9 basis points to 2.58%, with points increasing to 0.39.
The refinance share of mortgage activity increased to 62.5%, up from 61.7% the previous week. Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting, said in a statement, “Mortgage rates increased last week, with the 30-year fixed rate rising to 3.18 percent – the highest level in a month. Despite the jump in rates, refinances increased for the second consecutive week, pushed higher by a 4 percent bump in conventional refinance applications,”