Mortgage applications increased 0.3% from one week earlier, according to data from the Mortgage Bankers Association’s weekly survey for the week ending September 10th…(MBA)
- REFIS: The Refinance Index fell 3% from the previous week and was also 3% lower than the same week one year ago.
- PURCHASES: The Purchase Index jumped 7% from one week earlier but was still down 11% from the same week one year ago.
NOTE: The refinance share of mortgage activity decreased to 64.9% of total applications from 66.8% the previous week.
Mortgage rates continued to hold steady thanks to mixed signals from the economy…
- 30-YR FIXED: The average contract rate remained unchanged at 3.03% and was 4 basis points lower than the same time one year ago.
- 15-YR FIXED: The average contract rate fell 3 basis points to 2.34% and was 27 basis points lower than the same time one year ago.
Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting, noted that as purchase volume increases so has the average loan amount…
- “Both conventional and government purchase applications increased, and the average loan size for a purchase application rose to $396,800. The very competitive purchase market continues to put upward pressure on sales prices.”