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Mortgage Applications Increase as Home-Loan Rates Slide

Mortgage Applications Increase as Home-Loan Rates Slide
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By    |   Wednesday, 18 October 2017 11:32 AM

Mortgage applications increased 3.6 percent from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending October 13.

This week's Market Composite Index results included an adjustment for the Columbus Day holiday.

The refinance share of mortgage activity decreased to 48.6 percent of total applications from 49.0 percent the previous week.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($424,100 or less) decreased to 4.14 percent from 4.16 percent.

The average contract interest rate for 15-year fixed-rate mortgages increased to 3.45 percent from 3.44 percent.

"Treasury yields were relatively flat last week. While the FOMC minutes showed an increased likelihood of one more rate increase in 2017, nudging rates slightly higher, the week's gains were offset by a downturn on Friday due to weaker than expected inflation data," Joel Kan, an MBA economist, told CNBC.

Some experts warn that mortgage rates may be turning volatile in the near future.

"In the bigger picture, rates are attempting to push lower after rising fairly quickly from early September through early October," wrote Matthew Graham, chief operating officer of Mortgage News Daily. "The weakness [read: slightly higher costs] over the past two days doesn't derail that effort, but that could change if the weakness persists for another day or two."

(Newsmax wire services contributed to this report).

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Mortgage applications increased 3.6 percent from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending October 13.
mortgage, applications, home, loan, rates
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2017-32-18
Wednesday, 18 October 2017 11:32 AM
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