Refinancing applications continued to dominate the origination market for the week ending July 23, accounting for 78% of all new business, according to new figures released by the Mortgage Bankers Associations.
The prior week, refis accounted for almost 80% of new applications, the trade group reported in its weekly survey.
MBA noted that rates on both 30-year, and 15-year fixed-rate mortgages are on the rise again. The average contract interest rate for a 30-year FRM increased 10 basis points to 4.69% from 4.59% the preceding week with points decreasing to 0.88 from 1.04 (including the origination fee) for loans with an 80% loan-to-value ratio.
The average contract rate for a 15-year FRM increased by 7 bps during the week to 4.12% from 4.05%, with points decreasing to 0.83 from 0.88. Both rates returned to the levels they were at two weeks ago.
The average contract interest rate for one-year ARMs bucked the rising rate trend and fell 2 bps to 7.15%.
