Another Jump in Mortgage Applications

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Mortgage applications rose by 11.6% on a seasonally adjusted basis in the week ending October 17th compared to the previous week. On an unadjusted basis, the increase was 12%. This was revealed by the Weekly Mortgage Applications Survey which is conducted by the Mortgage Bankers Association. The data in the survey has not been adjusted for the Columbus Day holiday.

The applications for mortgage refinance rose by 23% in the week ending October 17th from the week ending October 10th. This was the largest weekly increase in the applications for refinance so far in 2014. It is over two times higher compared to the second largest increase for the year which occurred in January and was 11%. The Refinance Index, which measures the mortgage refinance applications, reached its highest level since November 2013.

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The home purchase loan applications declined during the week ended October 17th from the previous week. On a seasonally adjusted basis, the decrease was 5%. On an unadjusted basis, the decline was 5% as well. The unadjusted Purchase Index, which measures the volume of home purchase loan applications, was 9% lower compared to the same week one year ago.

The share of applications for mortgage refinance rose to 65% from 59% during the previous week. With the increase of 6%, it reached its highest level since December 2013. The share of adjustable-rate mortgage applications marked an increase is as well to reach a share of 9.4%. This is the largest share which the ARMs have reached since June 2008.

The share of applications FHA loans declined to 8.3% during the week ending October 17th. It dropped down from 9.5% during the week before. The share of VA loan applications rose to 9.6% from 8.8% in the week ended October 10th. The share of applications for USDA loans was 0.8% during the week. It declined from 1.0% in the preceding 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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