The group's Refinance Index, meanwhile, climbed 9.0 percent to its highest level since the week ended March 18th. The seasonally adjusted Purchase Index was also higher, rising 6.7 percent from the prior week, while the unadjusted Purchase Index was up 7.1 percent, but still 25.8 percent below where it was a year ago.
The four-week moving average for the Market index rose 2.9 percent. The moving average is calculated to help smooth out seasonal volatility often seen in weekly data. The four week average for the Purchase Index is up 0.4 percent from the week before, while the four week average rose 4.3 percent for refinance applications.
The portion of all mortgage activity made up by refinance loans was 63.1 percent, up from 62.7 percent in the prior week, the highest share since the week ended March 25th. The share of adjustable-rate mortgages, (ARMs), fell to 6.5 percent of all mortgage applications, down from 7.6 percent the prior week.
The average interest rate for 30 year fixed-rate mortgages for the week was 4.67 percent, down from 4.76 percent, with points climbing from 0.75 to 1.10 (including origination fees) for 80 percent loan-to-value ratio loans. The average rate for the 30 year loan, easily the most popular, has now reached its lowest level since December 2010.
Search La Jolla Real Estate
