Mortgage demand stopped a three-week slide with a 4.2% jump, according to the latest weekly survey from the Mortgage Bankers Association (MBA)
- REFIS: The Refinance Index was up 6% from the previous week but was 22%lower than the same week one year ago.
- PURCHASES: The Purchase Index was up 2% from one week earlier but was 17% lower than the same week one year ago.
Helping mortgage demand was probably the drop in mortgage rates across the board…
- 30-YR FIXED: The average contract rate fell 4 basis points to 3.11 percent, with points increasing to 0.36.
- 15-YR FIXED: The average contract rate fell 3 basis points to 2.49%, with points decreasing to 0.25.
INTERESTING NOTE: The refinance share of mortgage activity increased to 61.7% of total applications from 60.4% the previous week.
Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting, said in a statement, “Purchase activity also rebounded, even as supply constraints continue to slow the housing market…Purchase applications were still down 17 percent from a year ago, which was when the mortgage market started seeing large post-shutdown increases in activity.”