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Mortgage

MBA: Mortgage applications drop 3.5%

Includes an adjustment for Columbus Day

Mortgage applications fell 3.5% for the week ended Oct. 23 from one week earlier, according to the latest report from the Mortgage Bankers Association.

This week’s results include an adjustment for Columbus Day.

The refinance index dropped 4% from the previous week, while the seasonally adjusted purchase index decreased 3% from one week earlier.

The refinance share of mortgage activity remained at 59.5% of total applications from the previous week, as the adjustable-rate mortgage share of activity declined to 6.6% of total applications.

The Federal Housing Administration share of total applications decreased to 13.7% from 14.3% the week prior. The Veterans Affairs share of total applications decreased to 12.3% from 12.7% the week prior.

However, the United States Department of Agriculture share of total applications posted an increase, moving to 0.7% from 0.6% the week prior.

The average contract interest rate for 30-year, fixed-rate mortgages with conforming loan balances ($417,000 or less) increased to 3.98% from 3.95%

The average contract interest rate for 30-year, fixed-rate mortgages with jumbo loan balances (greater than $417,000) increased to 3.88% from 3.87%.

Additionally, the average contract interest rate for 30-year, fixed-rate mortgages backed by the FHA increased to 3.80% from 3.78%.

The average contract interest rate for 15-year, fixed-rate mortgages increased to 3.22% from 3.20%, while the average contract interest rate for 5/1 ARMs increased to 3.03% from 2.94%. 

3d rendering of a row of luxury townhouses along a street

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