Mortgage demand saw a slight uptick, up 0.2%, for the week ending October 8th, according to the latest data from the Mortgage Bankers Association…(MBA)
- The Refinance Index fell 1% from the previous week and was 16% lower than the same week one year ago.
- The Purchase Index was up 2% compared with the previous week, but was still 10% lower than the same week one year ago.
NOTE: The refinance share of mortgage activity decreased to 63.9 percent of total applications from 64.5 percent the previous week.
Rate continued their climb higher this week for both 30 and 15 year rates…
- 30-YR FIXED: The average contract interest rate climbed 4 basis points to 3.18% which is 18 basis points higher than the same time one year ago.
- 15-YR FIXED: The average contract interest rate climbed 3 basis points to 2.48% which is still 11 basis points lower than the same time one year ago.
Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting, said applications climbed despite higher rates…
- “Mortgage rates reached their highest level since June 2021, but application activity changed little this week…The increase in purchase applications was welcome news, but was primarily driven by a 2 percent gain in conventional purchase applications, which kept the average loan size elevated.”