Residential application volume increased 4.9% on a seasonally adjusted basis for the week ending October 21, as purchase loans recovered from a 15-year low, according to new figures compiled by the Mortgage Bankers Association.
MBA reported that the market share of refi applications fell slightly to 77.3% from 77.6% one week prior. MBA tracks activity through its proprietary application index.
The trade group's refinance and purchase indexes increased 4.4%, and 6.4%, respectively.
For the week, lenders on average were offering 30-year conforming FRMs at 4.33%, unchanged from the prior week's reading. Points charged decreased to 0.47 from 0.48 (including the origination fee) for 80% loan-to-value ratio loans.
For 30-year FRMs with jumbo balances, the average contract rate rose to 4.68% from 4.64%, with points falling to 0.42 from 0.45.
The average contract interest rate for 30-year Federal Housing Administration-insured loans fell one basis point to 4.11%, while the average contract interest rate for 15-year FRMs increased one basis point to 3.62%.
