A dip in weekly applications for mortgage refinances was more than offset by increased applications for loans to finance home purchases.
A less than 1 percent week-over-week escalation was recorded for new retail residential mortgage applications in the week ended Oct. 14.
The seasonally adjusted activity was based on the Market Composite Index, which is a
measure of mortgage loan application volume.
Without adjustments for seasonal factors, the index — which is included in the Mortgage Bankers Association’s Weekly Mortgage Applications Survey — retreated 9 percent.
MBA said that applications for refinances slipped 1 percent from the week ended Oct. 7. Refinance share, meanwhile, thinned to 61.5 percent from 62.4 percent. But refinance share was wider than 59.5 percent in the same week last year.
MBA’s seasonally adjusted Purchase Index rose 3 percent from the last report. Foregoing seasonal adjustments, though, purchase applications fell 7 percent from the prior week but ascended 13 percent from the week ended Oct. 16, 2015.
FHA share widened to 11.3 percent from 10.9 percent but was cut from 14.3 percent twelve months previous.
VA share was 12.8 percent, fatter than 12.0 percent a week earlier
and 12.7 percent a year earlier.
Jumbo mortgage interest rates were a basis point less than conforming rates, the same as in the last report. The jumbo-conforming spread has thinned from a negative 8 BPS the same week in 2015.
The latest report had applications for adjustable-rate mortgages accounting for 4.1 percent of total activity. While ARM share was unchanged from the previous week,
it has thinned from 6.9 percent the same week last year.
