Mortgage

Mortgage apps barely move for second week in a row

Mortgage applications posted little movement for the week ending Oct. 18, ticking up 0.6% from a week earlier, the Mortgage Bankers Association said Wednesday.

Refinancing activity declined a slight 1%, while the index measuring home purchases actually rose 1%, suggesting more buying than refinancing activity.

The refinance share of mortgage activity fell back after slowly rising the past couple weeks, falling to 65% of total applications.

"With the government shutdown behind us and interest rates remaining steady, look for mortgage activity, especially on the purchase side, to pick back up. Not to be overlooked, there are still millions of underwater homeowners who could benefit from refinancing through HARP and have yet to do so," Quicken Loans economist Bill Banfield said.

The average contract interest rate for a 30-year, fixed-rate mortgage with a conforming loan limit dipped to 4.39% from 4.46%.

Furthermore, the 30-year, FRM jumbo fell to 4.43% from 4.51%.

The average 30-year, FRM backed by the FHA dropped to 4.15% from 4.16%, and the 15-year, FRM increased to 3.51% from 3.53%.

The 30-year, FRM with a conforming loan balance, the jumbo loan and the 15-year, FRM all fell to the lowest level since June 2013. 

In addition, the 5/1 ARM stayed unchanged at 3.25%.

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