Source: California Association of Realtors
Mortgage applications increased three-weeks straight as the market gears up for spring homebuying season, according to the Mortgage Bankers Association. Weekly Mortgage Applications Survey for the week ending March 10 found that applications increased 3.1% from one week earlier.
Both refinance and purchase applications rose, helping boost overall application volume. The Refinance Index increased 4% from the previous week, while the seasonally adjusted Purchase Index increased 2% from one week earlier.
The refinance share of mortgage activity recorded a marginal increase and grew to 45.6% of total applications from 45.4% the previous week.
The adjustable-rate mortgage share of activity now sits at 8.2% of total applications, the highest level since October 2014.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($424,100 or less) now sits at its highest level since April 2014, growing to 4.46%, from 4.36%.
The average contract interest rate for 15-year fixed-rate mortgages increased to 3.66% from 3.575, while the average contract interest rate for 5/1 ARMs decreased to 3.45% from 3.48%.