Post by Ken Grech, a top Simi Valley real estate agent. Search Simi Valley real estate listings. Dow Jones News Service
The volume of mortgage applications filed in the U.S. last week jumped a seasonally adjusted 15%, compared with the previous week, the Mortgage Bankers Association reported on Wednesday.
Mortgage interest rates dropped during the week ended Friday compared with the week before, according to the MBA's weekly survey, stoking refinance activity. The survey covers about half of all U.S. retail residential mortgage applications.
The share of applications filed to refinance an existing mortgage rose to 69.1% of total applications from 68.1% the previous week.
The four-week moving average for all mortgages applications rose 0.4%.
Adjustable-rate mortgages made up 4.8% of activity last week, up from 4.7% a week earlier.
Rates on 30-year fixed-rate mortgages averaged 4.95%, down from 5.03%; while the average for 15-year fixed dropped to 4.27% from 4.35%. The one-year ARM average fell to 6.77% from 6.8%.
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