Mortgage applications increased 16 percent week-over-week, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending July 9, 2021.
According to the MBA, the Refinance Index increased 20 percent from the previous week, while it was 29 percent lower year-over-year.
The results include an adjustment for the Fourth of July holiday.
Rates themselves were down for the week’s end. All the major refi rates saw decreases, including 30-year fixed refinances, currently at 3.10 percent, a decrease of three basis points from last week.
The average 15-year fixed refinance rate sits at 2.42 percent, a decrease of two basis points. The average 10-year fixed refinance rate ended the week at 2.44 percent, a decrease of three basis points compared to one week ago.
It was, however, a bit of a mixed bag on the purchase front. The 30-year, fixed-rate mortgage ended the week with an average rate of 3.04 percent, which is a decrease of two basis points. The average 15-year, fixed mortgage rate was up slightly to 2.38 percent, which is an increase of one basis point from a week ago. A 5/1 adjustable-rate mortgage had an average rate of 3.04 percent, down three basis points.