The overall mortgage loan application volume increased by 5.3% on a seasonally adjusted basis from the previous week.
Meanwhile, the average contract interest rate for the 15-year fixed-rate loans declined 19 basis points to 5.78%, and the average 5/1 adjustable-rate mortgage decreased 10 basis points to 5.51% week over week.
MBA’s applications survey, conducted weekly since 1990, covers more than 75% of all retail residential loan applications. Respondents include mortgage bankers, commercial banks, and thrifts.
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