Mortgage applications increase nationwide

The number of mortgage applications increased 7.8 percent nationwide in the week ending May 13, according to weekly data from the Mortgage Bankers Association, released today.

Refinance applications also jumped to 13.2 percent, the highest level since the week ending Dec. 10, 2010, while the purchase index decreased 3.3 percent in one week, making it 17 percent lower that the same week one year prior.

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“The 30-year fixed mortgage rate is now 53 basis points below its 2011 peak, and has decreased for five straight weeks,” said Michael Fratantoni, MBA’s Vice President of Research. “Refinance application volumes remain about 50 percent below the most recent peak last October.”

The average contract interest rate for 30-year fixed-rate mortgages decreased to 4.6 percent from 4.67 percent. For 15-year mortgages the rate decreased from to 37.5 percent from 3.81 percent. TRD