Mortgage applications were up slightly for the week ending Feb. 27 as refinance activity was up but there were fewer purchases, according to data from the Mortgage Bankers Association.
The Mortgage Bankers Association's market composite index increased 0.1% on a seasonally adjusted basis from
Refinance activity rose 1% during the week of Feb. 27 compared to the previous week, while the purchase index declined by 0.2%, the Washington-based trade group said. Furthermore, the conventional refinance index increased 2.2%, reaching its highest level since the weekly period ending Feb. 13.
Meanwhile, interest rates fell for all categories. For example, jumbo loans for 30-year fixed mortgages greater than $417,000 compressed 14 basis points, to 3.95%. The average contract interest rate for 30-year fixed conforming loans below $417,000 was down three basis points, to 3.96%. Also, 30-year fixed rate mortgage backed by the Federal Housing Administration fell six basis points, to 3.76%. Lastly, an average 15-year fixed mortgage decreased one basis point, to 3.27%.
The MBA weekly survey covers over 75% of all U.S. retail residential mortgage applications.
