NEW YORK – Mortgage loan application volume rose 3.2% on a seasonally adjusted basis last week, as measured by the market composite index of the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending October 22.
The refinance index climbed 3.0%, while the purchase index gained 3.9% on a seasonally adjusted basis. Year-over-year, the purchase index slumped 30.3%.
The seasonally adjusted four-week moving average for the market index increased 1.4%, while the four-week purchase index moving average fell 0.7%, and the refinance index grew 1.9%.
Refinancings accounted for 82.3% of applications, just down from 82.4% the prior week. Adjustable-rate mortgages (ARM) were 5.3% of the volume, down from 5.8% a week before.
Interest on a 30-year fixed-rate mortgage averaged 4.25%, down from 4.34%, while 15-year fixed-rate mortgages were at 3.67%, after 3.74% the previous week.
