Refinance activity edged up last week as purchase business slipped.
Overall mortgage inquiries were barely changed last week. The U.S. Mortgage Market Index for the week ended Feb. 25 edged up to 203 from 201 a week earlier.
A year earlier, the index was higher at 238.
The weekly rise was supported by a 4 percent increase in refinance inquiries. The higher activity pushed the refinance share to 49 percent from the prior week’s 48 percent and from 44 percent during the same week last year.
The most recent refinance share reflected a 34 percent rate-term share and a 15 percent cashout share.
Purchase activity was 2 percent lower in the most recent week.
The share of inquiries that were for adjustable-rate mortgages fell to 9.45 percent from the previous week’s 9.50 percent.
The spread between conforming and jumbo 30-year mortgages improved to 70 basis points this week from 73 BPS in the prior report.
The spread between the 15-year and the 30-year conforming mortgage was unchanged at 74 BPS.
