Mortgage applications rose 4.5 percent last week from the previous week, according to the Mortgage Bankers Association’s seasonally adjusted report. Application volume was 6.1 percent higher than the same week one year ago. Applications to purchase a home led the charge, rising 6 percent for the week to the highest level since April 2010. These loan applications are now 7 percent higher than the same week one year ago. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances of $453,100 or less increased to 4.36 percent, its highest level since March. That’s up from 4.33 percent, with points remaining unchanged at 0.54, including the origination fee, for 80 percent loan-to-value ratio loans. The 15-year fixed rate climbed to its highest level since September 2013.
Mortgage applications to refinance a home loan also rose, up 1 percent for the week, despite higher rates. Refinance volume usually moves in the opposite direction of interest rates. Mortgage rates loosely follow the yield on the 10-year Treasury.
Nick Bit: You are going to love this. We are seeing home refinances so people can get in on the stock market stampede… The end is near!