WASHINGTON–While housing starts slowed, total mortgage applications were up 8.2% on a seasonally adjusted basis last week from the previous week, according to the Mortgage Bankers Association.
Once again it was mortgage refi’s that were largely responsible, increasing 16% for the week. Refinance share of mortgage activity sits at its highest level since February 2015, making up 64.3% of total applications, according to the MBA.
The MBA said the average contract interest rate for 30-year fixed-rate mortgages decreased to its lowest level since April, at 3.83%, from 3.91%, The average contract interest rate for a 30-year fixed-rate jumbo loan fell to 3.74%.