Mortgage Activity On the Rise
Mortgage Activity On the Rise
Applications for US home loans rose last week as demand grew for both purchase loans and refinancing even though interest rates were up from historically-low levels the week before. The Mortgage Bankers Association, in its weekly issued, seasonally adjusted index of mortgage application activity, said that overall activity increased 1.3 percent in the week ended October 7th.
The group's index of refinancing demand, also adjusted for seasonal factors, rose 1.3 percent, while demand for home purchase loans rose 1.1 percent. The percentage of total mortgage applications accounted for by refinancing requests was unchanged at 79.1 percent.
Freddie Mac, meanwhile, reported that mortgage rates increased even more from two weeks ago, when the 30 year, fixed-rate mortgage averaged just 3.94 percent, the first time the rate has dropped below 4 percent since Freddie began tracking it decades ago. Last week, the 30-year fixed loan averaged 4.25 percent, up from 4.18 percent the week before.
Applications for US home loans rose last week as demand grew for both purchase loans and refinancing even though interest rates were up from historically-low levels the week before. The Mortgage Bankers Association, in its weekly issued, seasonally adjusted index of mortgage application activity, said that overall activity increased 1.3 percent in the week ended October 7th.
The group's index of refinancing demand, also adjusted for seasonal factors, rose 1.3 percent, while demand for home purchase loans rose 1.1 percent. The percentage of total mortgage applications accounted for by refinancing requests was unchanged at 79.1 percent.
Freddie Mac, meanwhile, reported that mortgage rates increased even more from two weeks ago, when the 30 year, fixed-rate mortgage averaged just 3.94 percent, the first time the rate has dropped below 4 percent since Freddie began tracking it decades ago. Last week, the 30-year fixed loan averaged 4.25 percent, up from 4.18 percent the week before.
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