Mortgage applications fall on declining refinance activity
Mortgage applications filed by U.S. consumers fell 4.8% for the week ending Oct. 26 as fewer homeowners refinanced their existing mortgages, an industry trade group said.
The Mortgage Bankers Association also noted that its refinance index fell 6% from the previous week, the lowest level reached since August. Home purchases, on the other hand, edged up 1% from the previous week on a seasonally adjusted basis.
Refinance activity represented 80% of all applications, down from 81% a week earlier, suggesting a slow down at a time when interest rates edged up a bit.
The average 30-year, fixed-rate mortgage with a conforming loan limit increased to 3.65% from 3.63%, while the 30-year, fixed hit its highest level since mid-September.
The average 30-year, FRM with a jumbo loan balance increased to 3.94% from 3.85% a week earlier. Meanwhile, the 30-year, fixed backed by the Federal Housing Administration remained unchanged at 3.41%.
The 15-year, FRM declined to 2.95% from 2.96%, and the average 5/1 ARM declined to 2.66% from 2.72%.