According to the Mortgage Bankers Association Weekly Mortgage Applications Survey, mortgage applications decreased one percent from a week earlier. The refinance share of mortgage activity increased to 81.1 percent of total applications from 80.5 percent the previous week.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances increased to 4.08 percent from 4.05 percent, while the average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 3.87 percent from 3.89 percent.
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