Mortgage application volume inched up during the week ending October 3 after plummeting nearly 25 percent a week prior, the MBA said today.
On both a seasonally adjusted and unadjusted basis, retail home loan apps were up 2.2 percent compared to one week earlier, but still down 28.6 percent compared with the same week a year earlier.
The slight increase was led by a 9.9 percent jump in FHA loan apps, which continue to be the index’s saving grace, and a 3.2 percent rise in purchase applications.
The refinance share of mortgage activity fell to 43.4 percent of total applications from 44.0 percent a week earlier, despite an improvement in interest rates.
The average 30-year fixed-rate mortgage fell to 5.99 percent from 6.07 percent, while the 15-year fixed slid to 5.71 percent from 5.82 percent.
The average one-year adjustable-rate mortgage remained unchanged at 6.60 percent, well above its fixed-rate brethren, which may explain why the ARM-share of total applications decreased to just 2.3 percent from 2.5 percent the previous week.
The MBA’s weekly survey includes about half of all retail residential mortgage applications, which have surely risen as a result of wholesale’s demise.
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