Mortgage Applications Continue Wild Swings, Rates Remain Low

Application volumes are swinging wildly week-to-week as the mortgage industry continues to implement new lending disclosure rules under TILA-RESPA. The purchase index jumped 16 percent in the October 16 week after falling 34 percent in the prior week with the refinancing index up 9.0 percent after falling 23.0 percent. Rates remain very low with the average 30-year fixed mortgage for conforming loans ($417,000 or less) down 4 basis points to 3.95 percent.