Refinancing activity represented 76.5% of total applications, increasing from 73.8%. Last week, both the seasonally adjusted market composite and the refinance indexes reached their highest levels since the Weekly Applications Survey was started in January 1990.
Adjustable-rate-mortgage activity increased to 9.6% from 9.1% the previous week. The average contract interest rate for 30-year, fixed-rate mortgages was 6.61%, increasing from 6.49% the previous week, with points decreasing to 1.18 including the origination fee for 80% loan-to-value ratio loans.
The survey, which has been conducted since 1990, covers about 40% of all US retail residential mortgage originations.
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