Mortgage loan application volume slipped 0.2% on a seasonally adjusted basis in the week ending Oct. 1, according to the Mortgage Bankers Association’s weekly mortgage applications survey, released Wednesday.
The refinance index fell 2.5%, while the seasonally adjusted purchase index soared 9.3% to its highest point since the week ending May 7.
“The increase in purchase activity was led by a 17.2% increase in FHA applications, while conventional purchase applications also increased by 3.6%,” said Jay Brinkmann, the MBA’s chief economist. The purchase index was at its highest level since the expiration of the homebuyer tax-credit program.
