Home loan application volume increased 4.3 percent last week compared to the prior week, according to the Mortgage Bankers Association‘s market composite index.
Without seasonal adjustments, the index increased 15.3 percent over the holiday-shortened prior week and decreased 2.7 percent compared to the same week a year earlier.
The refinance index increased 17.7 percent and refinance applications accounted for 54.9 percent of all home loan application volume during the week, up from 48.4 percent a week earlier.
The average contract interest rate for a 30-year fixed-rate mortgage was 5.05 percent. A week earlier it was 5.34 percent.
