Applications for mortgage refinancings jumped 15.2 percent and demand for purchase loans was up 6.7 percent the week ending July 3 after adjusting for the Independence Day holiday, the Mortgage Bankers Association said.
Total application volume for both types of loans was up a seasonally adjusted 10.9 percent from the previous week and 7.2 percent from a year ago on a non-adjusted basis.
The refinance share of mortgage activity increased to 48.4 percent of total applications, from 46.4 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 4.4 percent from 4.3 percent of total applications in the previous week.
The average contract interest rate for 30-year fixed-rate mortgages remained unchanged at 5.34 percent, with points increasing to 1.13 from 1.12 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans.
The average contract interest rate for 15-year fixed-rate mortgages increased to 4.83 percent from 4.81 percent, with points increasing to 1.06 from 1.04 (including the origination fee) for 80 percent LTV loans.
The average contract interest rate for one-year ARMs increased to 6.58 percent from 6.52 percent, with points increasing to 0.14 from 0.13 (including the origination fee) for 80 percent LTV loans.
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