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According to the mortgage Bankers Association’s Weekly Applications Survey, the Market Composite Index, which measures total mortgage loan application volume, rose 1.3 percent last week from the previous week. The Refinance Index was up 1.3 percent and the Purchase Index increased 1.1 percent from the week before. The gains were driven by improvements in the government loan category, though the conventional purchase and refinance indexes also rose. The average Contract interest rate for 30-year fixed-rate mortgages with Conforming loan balances increased to 4.25 percent and the average 30-year rate for jumbo loans was up to 4.59 percent from 4.49 percent the previous week. More here.
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