The Mortgage Bankers Association‘s loan application volume index increased 4.7 percent last week as low mortgage rates prompted homeowners to refinance or purchase.
The association’s refinance index increased by 3.2 percent. Applications to refinance existing loans accounted for 77.9 percent of total application volume, a decrease from 79.1 percent the prior week.
Applications for conventional purchase loans increased by 7.7 percent and government purchases, largely transactions that involve the Federal Housing Administration, increased by 17.1 percent.
The average contract interest rate for a 30-year fixed-rate mortgage was 4.73 during the week. It was 4.61 the previous week.
