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Mortgage

Mortgage applications tick up 1.4%

Mortgage applications ticked up for the week ending Oct. 4, increasing 1.4% from a week earlier, the Mortgage Bankers Association said Wednesday.

This minor growth is linked to the association's rising refinance index, which shot up 3% from last week’s posting.

On the other hand, the purchase index fell 1% from a week earlier.

The refinance share of mortgage activity continued to rise, with refi filings representing 64% of all applications.

Mortgage rates also fell this past week as the nation battled through waves of uncertainty in the midst of a government shutdown.

The average contract interest rate for a 30-year, fixed-rate mortgage with a conforming loan limit declined to 4.42% from 4.49%.

Meanwhile, the 30-year, FRM jumbo declined to 4.45% from 4.53%.

The average 30-year, FRM backed by the FHA decreased to 4.15% from 4.21%, and the 15-year, FRM dropped to 3.52% from 3.55%.

Additionally, all of the fixed-rate mortgages fell to their lowest point since mid-June.

The 5/1 ARM also dipped to 3.25% from 3.26% a week ago.

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