Mortgage Loan Application Volume Increased 8.8% Last week

Mortgage loan application volume increased 8.8% on a seasonally adjusted basis, according to  the Mortgage Bankers Association (MBA)'s Weekly Mortgage Applications Survey for the week ending November 3.    On an unadjusted basis, the Index increased 8% compared with the previous week and was down 5% compared with the same week one year earlier.
The seasonally-adjusted Refinance Index increased by 11%  from the previous week and the Purchase Index increased by 7.1% from one week earlier. 
The refinance share of mortgage activity increased to 46.3% of total applications from 45% the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 26.4% of total applications from 25.9% the previous week.

  • The average contract interest rate for 30-year fixed-rate mortgages remained unchanged at 6.24%, with points decreasing to 1.08 from 1.09 (including the origination fee) for 80% loan-to-value (LTV) ratio loans. 
  • The average contract interest rate for 15-year fixed-rate mortgages increased to 5.96% from 5.94%, with points decreasing to 0.97 from 1.03 (including the origination fee) for 80% LTV loans. 
  • The average contract interest rate for one-year ARMs decreased to 5.89% from 5.93%, with points decreasing to 0.8 from 0.84 (including the origination fee) for 80% LTV loans.

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