WASHINGTON – Did someone say the refi cycle was taking backstage to the purchase market? The Mortgage Bankers Association's Weekly Mortgage Applications Survey for the week ending February 4 showed refinance application volume was up for the second consecutive week. The Market Composite Index – a measure of mortgage loan application volume – for the week increased 4.2% on a seasonally adjusted basis from the previous week. The refinance share of mortgage activity increased to 48.9% of total applications from 48.7% the previous week. For the same period, adjustable-rate mortgage share of mortgage activity decreased to 31.9% from 32.5% of total applications. Interest rates remain low. According to the MBA, the average contract interest rate for 30-year, fixed-rate mortgages decreased to 5.48% from 5.61% one week earlier. The average contract interest rates for 15-year, fixed-rate mortgages decreased to 5.06% from 5.10% the previous week.

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