WASHINGTON–Even though mortgage rates moved in different directions, the number of people applying for mortgages increased slightly during the week ended August 26.
According to the Mortgage Bankers Association, mortgage apps were up 2.8% over the week ended August 19, and rose 2.0% unadjusted.
After two weeks of decreasing volume the Refinancing Index rose 4%, the MBA said. The share of applications for refinancing increased from 62.4% the prior week to 63.5%. It was the fourth straight week that the share of refinancing increased.
The average contract interest rate for 30-year fixed-rate mortgages (FRM) with conforming loan balances ($417,000 or less) was unchanged at 3.67%, the MBA said.
The jumbo version of the 30-year FRM (balances larger than $417,000) saw a 1 basis point increase in its average contract rate to 3.63%. Points eased back to 0.27 from 0.35 and the effective rate declined, according to the MBA.
The Mortgage Bankers reported there was a slight increase in the contract rate for FHA-backed 30-year FRM, from 3.53% with 0.34 point to 3.54% with 0.36 point. The effective rate increased from last week.
The rate for 15-year FRM also gained one basis point to an average of 2.96%, the MBA said, but points dropped from 0.38 to 0.31, bringing the effective rate down.