Residential loan applications rebounded last week with increased demand for both purchases and refinancings, according to figures released by the Mortgage Bankers Association.
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However, refinancings continued to dominate all new business prospects, representing 82.3% of applications, just about flat from the prior week.
The trade group's market composite index rose 3.2% for the week ending October 22, spurred by a 3.9% gain in purchase applications and a 3% climb in refinancings.
MBA said the average contract interest rate for 30-year fixed-rate mortgages decreased to 4.25% from 4.34% with points increasing to 1.0 from 0.81 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans.
