Mortgage applications edged up slightly last week as rates eased off
Mortgage applications edged up slightly last week as rates eased off.
The Mortgage Bankers Association Weekly Mortgage Applications Survey has indicated mortgage loan applications were up 1.3% last week from the previous week. Refinances, which had suffered from rising rates, rose 2% on the week.
Much of the uplift could be due to a slight easing in mortgage rates last week. The average rate for a 30-year fixed-rate conforming mortgage fell to 4.73% from 4.80% the week prior.
The lower rates have also seen a slight increase in the refinance share of mortgage activity. Refinances represented 61% of total applications, up from 60% the previous week. The HARP share of refinance applications also rose, from 35% to 38%. The MBA said the HARP share of refinances was the highest since the association started tracking the measure in early 2012.
