Washington, DC, United States (4E) – The average number of mortgage applications rose 4.3 percent last week from the prior week, as interest rates broadly fell, according to the Mortgage Bankers Association (MBA) report released Wednesday.
The growth ended five straight weeks of declines, and bucks this year’s general trend of lower applications, according to the MBA. Since February, only three weeks saw higher mortgage applications.
The 30-year, fixed-rate mortgages with conforming loans saw their average rate down to 4.47 percent from 4.56 percent in the previous week. The average rate on 30-year, fixed-rate mortgages with jumbo-loan balances slid to 4.39 percent from 4.49 percent.
Rates for 30-year, fixed-rate mortgages backed by the Federal Housing Administration fell to 4.14 percent from the previous week’s 4.19 percent.
The 15-year, fixed-rate mortgages average fell to 3.54 percent from 3.62 percent the previous week. The average rate for 51 ARM dropped to 3.15 percent from 3.26 percent.