Mortgage applications rebound after down week

The index had fallen about 13 percent in the week that included the Martin Luther King Jr. federal holiday.

“Looking over the past two weeks, purchase applications are flat, and refinance applications are down about five percent.”

The four-week moving average, which smooths the volatility of the weekly numbers, is up 1 percent. The four-week moving average is down 1.5 percent for the seasonally adjusted purchase index, while the average is up 1.7 percent for refinancings.

The refinance share of mortgage activity decreased to 69.3 percent of total applications from 70.3 percent the previous week, lowest refinance share observed in the survey since the week ending May 14. 

The average interest rate for 30-year fixed-rate mortgages increased to 4.81 percent from 4.80 percent, and 15-year fixed-rate mortgages increased to 4.13 percent from 4.12 percent.