Mortgage Applications Higher Wednesday, February 6, 4:50 PM ET
The Mortgage Bankers Association announced on Wednesday that the refinance index increased by 15% for the week ended February 1 from the previous week, and total mortgage applications filed increased by 16%. On a seasonally adjusted basis, the purchasing index increased 2.2% from the week before. Refinance applications were 78%, down slightly from the prior week's 79%. Adjustable-rate mortgages constituted 3.7% of total activity. The average rate on 30-year fixed rate mortgages rose to 3.73% from 3.67%. For jumbo mortgages, rates rose to 3.96% from 3.95%. The average rate for 15-year fixed rate mortgages increased to 3% from 2.95%, while the 5/1 ARM rate increased to 2.72% from 2.6%.
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