Mortgage Demand Continues to Slide Down

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Mortgage applications declined for another week. This is revealed in the Weekly Mortgage Applications Survey which is compiled by the MBA. During the week ended October 31st, mortgage applications dropped down by 2.6% on a seasonally adjusted basis from the previous week. On a seasonally adjusted basis, the decrease was 3%.

The applications for mortgage refinance fell during the week as well. This is indicated by the Refinance Index. On a seasonally adjusted basis, the mortgage refinance applications dropped down by 6% compared with the previous week. The share of refinance applications in the total volume of applications shrunk to 63% from 65% during the week ended October 24th.

The applications for home purchase loans rose during the week ended October 31st. The Purchase Index which measures them marked a 3% increase on a seasonally adjusted basis from the previous week. On an unadjusted basis, the increase was 1%. Despite the increase, the Purchase Index remained 13% lower compared to the same week one year ago.

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The Survey revealed that the share of applications for FHA loans in the total volume of applications increased to 9.5% during the week from 8.9% during the previous week. The share of VA loan applications did not undergo any changes. It remained 10.7%. The share of USDA loan applications remained the same as in the previous week during the week ended October 31st. It was 0.8%.

The average rate on a 30-year fixed-rate conforming mortgage with balance lower than $417,000 was 4.17% in the week ending October 31st. It rose from 4.13% during the previous week. The average rate on a 30-year fixed-rate jumbo loan with balance over $417,000 remained unchanged. It was 4.13%. The average rate on a 30-year fixed-rate FHA loan also remained unchanged it was 3.84%.

The average rate on a 15-year fixed-rate conforming mortgage rose to 3.38% from 3.28% during the previous week. The average rate on a 5-year adjustable-rate mortgage increased to 3.08% from 2.94% in the week before.

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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