Mortgage Applications Decrease 1.4%

The latest Weekly Mortgage Application Survey of the Mortgage Bankers Association -- with data for the week ending October 5 -- was released October 10.

Application Volume:

• The Market Composite Index, a measure of mortgage loan application volume, decreased 1.4% on a seasonally adjusted basis from one week earlier.
  
  
• The Refinance Index decreased 2% from the previous week.
  
  
• The seasonally adjusted Purchase Index increased 3% from one week earlier. The unadjusted Purchase Index was 12% higher than the same week one year ago.

Interest Rates

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,500 or less) increased to 3.56% from 3.53%.

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,500) decreased to 3.74%, the lowest rate in the history of the survey, from 3.82%.

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 3.34%, the lowest rate in the history of the survey, from 3.37%.

The average contract interest rate for 15-year fixed-rate mortgages decreased to 2.88%, the lowest rate in the history of the survey, from 2.90%.

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The Mortgage Bankers Association (MBA) is the national association representing the real estate finance industry. Its membership of over 2,200 companies includes all elements of real estate finance: mortgage companies, mortgage brokers, commercial banks, thrifts, Wall Street conduits, life insurance companies and others in the mortgage lending field.

For additional information, visit MBA's web site: www.mortgagebankers.org.