Home loan refinancing drove the Mortgage Bankers Association‘s weekly Market Composite Index up 2.9 percent last week.
The index, which measures loan application volume, hit 841.4 during the week. The previous week, the index was 817.7. Last week’s index was up 37.3 percent compared to the same week last year.
The refinance index increased by 6.5 percent, and was largely responsible for the increase in application volume, the association said. The average interest rate for a 30-year mortgage was 5.18 during the week, down from 5.44 the previous week.
