Overall mortgage applications grew 2.2 percent last week on a seasonally adjusted basis from the week before, boosted by a jump in refinancings, according to the Mortgage Bankers Association’s weekly survey.

The seasonally adjusted refinance index increased by 5 percent to 2,285.5 from 2,176.5 one week earlier, while the seasonally adjusted purchase index increased by 0.1 percent to 499.3 from 498.8 the previous week.

“The overall number of applications is up 10.6 percent over the same time last year while the dollar volume of applications is up 26.1 percent. This increase is true for both purchase and refinance applications, no doubt reflecting the increase in home values over the past year,” said Michael Cevarr, director of Member Surveys.

The refinance share of mortgage activity increased to 42.4 percent of total applications from 40.9 percent the previous week. The adjustable-rate-mortgage share of activity decreased to 28.9 percent of total applications from 29.7 percent the previous week.

The average contract interest rate for 30-year fixed-rate mortgages decreased to 5.79 percent from 5.91 percent. Points including the origination fee decreased to 1.22 from 1.24 for 80 percent loan-to-value ratio loans.

The average contract interest rate for 15-year fixed-rate mortgages decreased to 5.4 percent from 5.49 percent one week earlier. Points including the origination fee decreased to 1.25 from 1.29 for 80 percent loan-to-value ratio loans.

The average contract interest rate for one-year ARMs decreased to 4.85 percent from 4.88 percent one week earlier. Points including the origination fee increased to 1.01 from 0.99 for 80 percent loan-to-value ratio loans.

Washington, D.C.-based Mortgage Bankers Association is a national association representing the real estate finance industry. The survey covers approximately 50 percent of all U.S. retail residential mortgage originations, and has been conducted weekly since 1990. Respondents include mortgage bankers, commercial banks and thrifts.

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