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The Mortgage Bankers Association said its
seasonally adjusted index of mortgage application activity,
which includes both refinancing and home purchase demand, rose
11.6 percent in the week ending October 17.
The MBA's seasonally adjusted index of refinancing applications
rose 23.3 percent, while the gauge of loan requests for home
purchases, a leading indicator of home sales, fell 4.8 percent.
“Mortgage rates have fallen close to 30 basis points over the
last four weeks," said Mike Fratantoni, MBA’s chief economist,
in a release.
"Refinance application volume reached the highest level since
November 2013 as a result, and the average loan balance for
refinance applications increased to $306,400, the highest level
in the survey’s history.”
Fixed 30-year mortgage rates averaged 4.10 percent in the week,
the lowest level since May 2013 according to MBA data, and down
10 basis points from 4.20 percent the week before.
The survey covers over 75 percent of U.S. retail residential
mortgage applications, according to MBA.
(Reporting by Rodrigo Campos; Editing by Diane Craft)
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