Mortgage applications continue to climb steadily, rising 1.6 percent last week compared to the previous week, as measured by the Market Composite Index reported by the Mortgage Bankers Association.

On an unadjusted basis, the number of mortgage applications was up 23 percent compared with the same week one year ago.

The refinance share of mortgage activity increased to 42.3 percent of total applications from 42.1 percent the previous week.

The average interest rate for 30-year fixed-rate mortgages increased to 6.23 percent from 6.13 percent. The average interest rate for 15-year fixed-rate mortgages increased to 5.96 from 5.81 percent. The average contract interest rate for one-year ARMs increased to 5.72 from 5.61 percent.

Source: REALTOR® Magazine Online