The refinance index surged 13.5% and the unadjusted purchase index plunged 10.4%.
The four-week moving average for the seasonally adjusted market index rose 1.60%. The four-week moving average for the seasonally adjusted purchase index slipped 0.52%, while the four-week moving average for the average refinance index gained 2.36%.
Refinances accounted for 75.2% of total applications, up from 70.5% the previous week. Adjustable-rate mortgages (ARM) were 5.3% of applications, off from 5.5% the week before.
"Renewed concerns about sovereign debt in
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances (
The average contract interest rate for 15-year fixed-rate mortgages decreased to 3.33% from 3.37%.
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