Mortgage applications ticked up 5% for the week ending June 7, recovering from a significant drop one week earlier, according to the Mortgage Bankers Association.
Similarly the refinance index escalated 5%; however, this is still 11% lower than two weeks prior and 36% lower than the recent peak at the beginning of May.
The seasonally adjusted purchase index also rose 5% from one week earlier, the industry trade group reported.
As a whole, the refinance share of mortgage activity inched up to 69% of total applications from 68% a week prior.
Additionally, the average contract interest rate for a 30-year, fixed-rate mortgage with a conforming loan balance increased to 4.15%, the highest rate since March 2012, from 4.07% a week earlier.
The 30-year, FRM jumbo slightly grew to 4.25%, the highest rate since May 2012, compared to 4.2% a week ago.
Meanwhile, the average 30-year, FRM backed by the FHA climbed to 3.81%, the highest rate since April 2012, from 3.76% a week prior.
The 15-year, FRM increased to 3.32%, the highest rate since April 2012, from 3.23%.
In addition, the 5/1 ARM reached 2.78%, the highest rate since June 2012, rising from 2.76% a week ago.
bswanson@housingwire.com
