Mortgage Applications Post Slight Rebound With 2.5% Increase
Summary
The refinance index, which has been plummeting with the increase in interest rates, also managed to show a slight uptick. “Treasury yields eased slightly last week but remained close to 2018 highs, as financial markets await the news from the Federal Reserve on its latest plans for rate hikes and reducing its balance sheet holdings,” said Joel Kan, MBA’s associate vice president of economic and industry forecasting. The MBA says its Market Composite Index, a measure of mortgage loan application volume, increased 2.5% on a seasonally adjusted basis from one week earlier. The average contract interest rate for 15-year fixed-rate mortgages remained unchanged at 4.68%, with points decreasing to 0.76 from 0.8 (including the origination fee) for 80% LTV loans. The average contract interest rate for 5/1 ARMs decreased to 4.25% from 4.28%, with points increasing to 0.78 from 0.74 (including the origination fee) for 80% LTV loans.