According to the Mortgage Bankers Association’s Weekly Applications Survey, the Refinance Index increased 0.8 percent last week and is now at its highest level since April 17, 2009. The increase marks the third consecutive week of improvement and follows a 2.0 percent gain the week before. The refinance share of total mortgage activity rose to 81 percent, which is the highest its been since January. Still, total mortgage activity was only up 0.2 percent because of a 2.0 percent drop in the seasonally adjusted Purchase Index. Mortgage rates were relatively flat from the previous week. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances increased to 3.75 percent from 3.74 percent the week before. The average rate for 30-year mortgages with jumbo loan balances also increased, moving up to 4.01 percent from 3.99 percent the previous week. More here and here.

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Jim Crowder

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