Mortgage applications ticked up slightly last week, as low refinance activity continued to offset gains in new purchase applications, the Mortgage Bankers Association said in its weekly report on application volume.
The volume of all mortgage loan applications rose 0.2% on a seasonally adjusted basis, for the week ending March 4, versus the
As a share of overall mortgage activity, refinancings dropped to 56.7% from 58.6%. The adjustable-rate mortgage share fell to 5.2% of all applications.
The FHA share was unchanged at 12%, the VA mortgage share rose 0.5 basis points to 12.6% and the USDA share rose 1 basis point to 0.8%.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) rose to 3.89% from 3.83%. The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances rose to 3.81% from 3.75%. FHA fixed-rate 30-year mortgages rose to 3.71% from 3.67%.
