Wednesday, October 12, 2016
Mortgage Purchase Applications Slow
Mortgage activity slowed in in the October 7 week, with seasonally
adjusted purchase applications for home mortgages falling 3.0 percent
while refinancing fell by 8.0 percent to the lowest level since June.
Versus the comparable week a year ago, however, unadjusted purchase
applications were 27 percent higher, a sharp reversal of the 14 percent
year-on-year decline seen in the prior week. At 62.8 percent, the
refinancing share of mortgage activity was 1.4 percentage points smaller
than in the previous week. A bounce up in mortgage rates from
historical lows most likely gave both buyers and refinancers reason to
pause. The average interest rate on 30-year fixed-rate conforming
mortgages ($417,000 or less) rose 6 basis points to 3.68 percent.
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