Mortgage Applications Inch Upward

According to the Mortgage Bankers Association mortgage application rose 0.2% last week while the refinance index also jumped 0.3%. The refinance share of overall mortgage activity stayed the same from the previous two weeks at 75%. Additionally, average 30-year fixed-rate mortgages with a conforming loan balance fell 0.2%, and 30-year fixed-rate mortgages with a jumbo loan balance also decreased 0.2%. The 5/1 ARM jumped up .05% to end last week at 2.62%. More here

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