Glenn McCullom

Weaker-than-expected economic data led to a decline in mortgage rates this week, although consumer attitudes remain strong, and should continue to drive increased home purchase demand, according to Freddie Mac.

Mortgage applications jumped 5.2% from one week earlier as a drop in rates caused another surge in refinances, according to the Mortgage Bankers Association.

Mortgage industry hiring and new job appointments for the week ending Oct. 4.

Economic issues were the biggest influence on average mortgage rates in the past week, although two trackers moved in different directions.

Mortgage applications increased 8.1% from one week earlier as conventional mortgage rates fell under 4% again, according to the Mortgage Bankers Association.

Mortgage industry hiring and new job appointments for the week ending Sept. 27.

September has been the most volatile month since March when it comes to 30-year conforming mortgage rates, with average weekly movements of 11 basis points up or down, according to Freddie Mac.

The recent spike in mortgage interest rates reduced home purchase application activity last week, contributing to a 10.1% decline in total activity, according to the Mortgage Bankers Association.

Mortgage industry hiring and new job appointments for the week ending Sept. 20.

Mortgage rates had their largest week-to-week uptick since October 2018 as bond market investors reacted to positive news about the economy, according to Freddie Mac.