Mortgage Applications Increase Once Again

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There was an increase in the mortgage applications of 3.8% on a seasonally adjusted basis in the week ending October 3rd compared to the previous week, according to the weekly survey of the Mortgage Bankers Association. The was the first rise in the Market Composite Index, which measures the volume of applications, since the week ended September 12th. On an unadjusted basis, the Index went up by 4%.

The Refinancing Index, which measures the volume of applications for mortgage refinance, rose by 5% on a seasonally adjusted basis in the week ended October 3rd. The share of applications for refinance in the total volume of mortgage applications was 56%. It remained unchanged from the previous week. It has held the same level for three weeks in a row.

The seasonally adjusted Purchase Index, which indicates the volume of applications for home purchase loans, rose by 2% during the week ended October 3rd. With this weekly increase, it reached its highest level since July of this year. The unadjusted Purchase Index went up by 2% as well. Despite the increase, it is still 8% below its level during the same week of 2013.

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The average contract interest rate for a 30-year fixed mortgage loan declined to 4.30% in the week ended October 3rd from 4.33% during the previous week, according to MBA’s survey. The average contract rate for a 30-year fixed-rate FHA loan dropped down to 4% from 4.07% week-over-week. The average rate for a 15-yeard fixed-rate conventional mortgage loan was 3.48%. It dropped down from 3.55% during the previous week. The average contract interest rate on 30-year fixed-rate jumbo loans decreased to 4.21% from 4.28% during the week before.
The 5-year adjustable rate mortgage experienced the largest weekly interest rate decrease. During the week ended October 3rd, the average contract interest rate for this ARM was 3.20%. It went down from 3.31% during the previous week.

Christian

Christian

Christian Calvin mortgage Christian is a contributing writer for Mortgage.info. He is a graduate from the University of Tennessee with a degree in Communications and a concentration in Broadcasting. Christian has served as vice-president for a privately-held company for more than 20 years. Additionally, he has also applied his writing and business knowledge to various websites with a focus on business and sports news . . . both of which are passions. Christian enjoys playing golf and spending time with his family and friends.

Contact: christian@mortgage.info
Christian

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