Wednesday, November 2, 2016
Mortgage Purchase And Refinancing Applications Fall
Purchase applications for home mortgages fell a seasonally adjusted 0.4
percent in the October 28 week, following a sharp 7 percent decline in
the prior week to the lowest level since January. Applications for
refinancing were also off from the prior week, taking the Refinance
Index down 2 percent. But despite the recent slowdown in buyer mortgage
activity, purchase applications were still up a respectable 9 percent
year-on-year. Interest rates rose only slightly but attained their
highest level since June, extending the rebound from historical lows,
with the average interest rate on 30-year fixed-rate conforming
mortgages ($417,000 or less) up 4 basis points to 3.75 percent.
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