Mortgage applications fall

by Justin da Rosa04 Nov 2015
Applications for mortgages are down on a week-over-week basis, according to statistics released Wednesday morning.

According to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey, mortgage applications decreased 0.8% week-over-week for the week ending October 30.

The purchase index, meanwhile, decreased 2% week-over-week. However, it was 20% higher than the same week one year ago.

Refinance activity increased to 59.7% of total applications from 59.5% the prior week.

Rates also showed weekly increases.

The average interest rate for a 30-year fixed-rate mortgage with conforming loan balances increased to 4.01% from 3.98% the week prior.

The average 30-year fixed jumbo loan increased to 3.9% from 3.88%.
 

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