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 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.
