The FINANCIAL — Mortgage applications rose 3.9% in the week ended August 14, marking the fifth consecutive increase, according to a weekly survey by the Mortgage Bankers Association.
The seasonally adjusted purchase index fell 1% from the previous week. The unadjusted purchase index fell 3% from the previous week but was 19% higher than the year-ago period, the MBA said, according to Nasdaq.
The refinance share of mortgage activity rose to 55.5% of total applications, from 53.1% the previous week, while the adjustable-rate mortgage share rose to 6.9% from 6.8% a week earlier.
The average rate on 30-year, fixed-rate mortgages with conforming loans–with balances up to $417,000–fell to 4.11% from 4.13%.
Rates on 30-year, fixed-rate mortgages with jumbo-loan balances–more than $417,000–fell to 4.03% from 4.08% a week earlier.
The average rate for 30-year, fixed-rate mortgages backed by the Federal Housing Administration fell to 3.88% from 3.94% the previous week.
The average rate for 15-year, fixed-rate mortgages fell to 3.37% from 3.39% a week earlier.