WASHINGTON–Mortgage refinancings helped push mortgage applications up 2.9% last week, according to the Mortgage Bankers Association.
Rather than new home purchases, apps to refinance loans were up by 5% over the previous week, according to the MBA. Applications to purchase a home actually fell 0.15 for the week and were down 14% over the same period one year earlier, the MBA reported.
Applications to refinance loans rose 5% from the previous week, while applications to purchase a home actually fell 0.1% for the week and dropped 14% from a year ago.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) decreased to 3.62%, the lowest level since July, according to the MBA.