Mortgage application filings increased 1.3% this past week as refinance and purchase activity picked up, an industry trade group said Wednesday. The Mortgage Bankers Association reported that the market composite index – a measure of loan application volume – jumped 1.3% on a seasonally adjusted basis from last week. The refinance index also edged up 1.3%, while the purchase index grew 1.1% over a week ago. The increases in both categories were driven by government loans, the MBA said. The government purchase index alone shot up 2.4%. The refinance share of mortgage activity remained unchanged overall, representing 79.1% of all activity. In terms of interest rates, the adjustable-rate mortgage fell to 6% from 6.4% of total applications. The 30-year, FRM increased to 4.25% from 4.18%, while the 30-year, FRM on jumbos increased to 4.59% from 4.49%. The 30-year fixed backed by the FHA grew to 4.06% from 4.05%, while the 15-year FRM increased to 3.53% from 3.49%. The 5/1 ARM increased to 3.03% from 3.02%. The average loan size in the U.S. hit $210,863, down from $212,736 in August. The average loan in refinancing was valued at $237,632, compared to $241,323 a month ago. Write to Kerri Panchuk.
Mortgage applications increase 1.3%
Most Popular Articles
Latest Articles
Ginnie Mae denies majority of complaint in Texas Capital Bank lawsuit
Ginnie Mae admits only to core facts of the case, denying all allegations, “inferences, arguments, and legal conclusions” in the complaint.