Rates tumbled, refinances pushed activity higher and the premium for jumbo loans was lower last week. Borrowers on 15-year mortgages gained a bigger advantage over 30-year borrowers.
It was the fourth consecutive week of increases for the U.S. Mortgage Market Index from Mortech Inc. and MortgageDaily.com. The index for the week ended March 18 rose to 220 from 211 seven days earlier. A year earlier, the index was 224.
Behind this week’s 4 percent rise was a 10 percent increase in refinance activity. Refinance share rose to 50 percent from 48 percent in the prior MMIÂ report. During the same week in 2010, the refinance share stood at 42 percent.
Purchase inquiries nudged up a percent this past week, and adjustable-rate activity ascended 5 percent.
The difference between a conforming mortgage and a jumbo mortgage narrowed to 63 basis points in the latest report from 73 BPS in the previous report.
The spread between the 15-year fixed-rate mortgage and the 30-year widened to 81 BPS from 77 BPS.
