The Refinance Index increased 3% from the previous week.  The seasonally adjusted Purchase Index increased 3% from one week earlier. The unadjusted Purchase Index increased 1% compared with the previous week and was 11%  lower than the same week one year ago.

The refinance share of mortgage activity increased to 56% of total applications, the highest level since March 2014, from 55% the previous week.  The adjustable-rate mortgage share of activity remained unchanged at 8.0% of total applications.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) decreased to 4.28% from 4.29%, with points decreasing to 0.25 from 0.26 (including the origination fee) for 80%  loan-to-value ratio loans.  The effective rate remained unchanged from last week.

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,000) increased to 4.22% from 4.18%, with points increasing to 0.28 from 0.23 (including the origination fee) for 80%  LTV loans.  The effective rate increased from last week.

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 3.98%, the lowest since June 2013, from 3.99%, with points increasing to 0.13 from 0.03 (including the origination fee) for 80% LTV loans.  The effective rate increased from last week.

The average contract interest rate for 15-year fixed-rate mortgages increased to 3.47% from 3.44%, with points increasing to 0.34 from 0.30 (including the origination fee) for 80% LTV loans.  The effective rate increased from last week.

Come back tomorrow to http://www.AshfordCP.com/blog  where Kennesaw’s Ashford Capital Partners’ Managing Partners Matthew Riedemann brings you news you can use.  More information on homes, home prices, and home price trends available at www.AshfordCP.com.

Author:  Trey Garrison – http://www.housingwire.com/articles/31177-mortgage-applications-rise-28-after-weeks-of-low-interest-rates