Purchase applications jump heading into spring home buying season

HouseThe rise was mostly due to the seasonally adjusted purchase index increasing 4% to the highest level since January 2016.

On the other side, the refinance index decreased 2% from the previous week.

The refinance share of mortgage activity fell to 56.7% of total applications from 58.6% the previous week, as the adjustable-rate mortgage share of activity decreased to 5.2% of total applications.

The Federal Housing Administration’s share of total applications remained frozen at 12% from the week prior, while the Veteran Affairs’ share of total applications increased to 12.6% from 12.1% the week prior.

The United States Department of Agriculture’s share of total applications marginally increased to 0.8% from 0.7% the week prior.

Mortgage rates increased across all categories, with the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) moving up to 3.89% from 3.83%.

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,000) grew from 3.75% to 3.81%.

Additionally, the average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 3.71% from 3.67%.

The average contract interest rate for 15-year fixed-rate mortgages increased to 3.14% from 3.13%, while the average contract interest rate for 5/1 ARMs increased to 3.20% from 3.02%.


Please contact us  to help you to sell your home and find the home of your dreams!  We specialize in Laguna Beach, Newport Beach, Dana Point, San Clemente and our inland coastal communities.

Make it a great day!

Jeff

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