Industry NewsMortgage

Demand for refis, purchase loans up

Adjustments made for holiday-shortened week

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Applications for mortgage refinancings jumped 15.2 percent and demand for purchase loans was up 6.7 percent the week ending July 3 after adjusting for the Independence Day holiday, the Mortgage Bankers Association said.Total application volume for both types of loans was up a seasonally adjusted 10.9 percent from the previous week and 7.2 percent from a year ago on a non-adjusted basis.The refinance share of mortgage activity increased to 48.4 percent of total applications, from 46.4 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 4.4 percent from 4.3 percent of total applications in the previous week.The average contract interest rate for 30-year fixed-rate mortgages remained unchanged at 5.34 percent, with points increasing to 1.13 from 1.12 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans.The average contract interest rate for 15-year fixed-rate mortgages increased to 4.83 percent from 4.81 percent, with poin...