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Purchase and Refinancing Applications Increase Last Week
Mortgage application volume</bbounced back from the previous holiday-shortened reporting period to end thernweek of October 21 up almost five percent. rnThe Mortgage Bankers Association's (MBA) Weekly Mortgage ApplicationsrnSurvey found applications for all mortgage types up 4.9 percent on a seasonallyrnadjusted basis and 4.8 percent unadjusted.</p
Applications for both purchasernmortgages and refinancing rose; the Refinancing Index by 4.4 percent and thernPurchase Index by 6.4 percent adjusted and 6.1 percent unadjusted. The unadjusted index was 2.7 lower than thernsame week in 2010.</p
The four-week moving average for allrnthree indices decreased; the Market index by 3.61 percent, the purchase indexrnby 0.71 percent and the Refinance Index by 4.41 percent.</p
Applications for refinancing madernup 77.3 percent of the volume for the week, down from 77.6 percent during thernweek ended October 14. Adjustable-raternmortgages (ARM) made up 5.9 percent of the volume, up 1 basis point from thernprevious week.</p
Looking back at September, MBArnreported that investor activity rose slightly during the month with purchase applicationsrnfor non-owner occupied properties up to 6.0 percent from 5.7 percent inrnAugust. Mortgage applications forrnsecond homes decreased from 6.0 percent of purchase applications in August torn5.8 percent in September.</p
Purchase Index vs 30 Yr Fixed</b</p
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Refinance Index vs 30 Yr Fixed</p
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Thernaverage contract interest rate for 15-yearrnfixed-rate mortgages increased to 3.62 percent from 3.61 percent, with points increasing to 0.45 from 0.43.rn . </p
Ratesrnfor jumbo 30-year FRMs – loans with a balance greater than $417,500 – rose fromrn4.64 percent with 0.45 point to 4.68 percent with 0.42 point. </p
The average contract interest rate for 5/1 ARMs increased to 3.11 percent with 0.50rnpoint percent from 3.08 percent with 0.48rnpoint. </p
All rate quotes are for mortgages with an 80 percent loan-to-valuernratio.</p
The MBA survey covers over 75 percent of all U.S. retail residentialrnmortgage applications, and has been conducted weekly since 1990. Respondentsrninclude mortgage bankers, commercial banks and thrifts. Base period andrnvalue for all indexes is March 16, 1990=100.
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