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According to the mortgage Bankers Association’s Weekly Applications Survey, the seasonally adjusted Purchase Index rose 8.2 percent last week to its highest level since August 12. Despite the gain in purchase demand, the Market Composite Index, which measures total mortgage loan application volume, was down 1.2 percent. Michael Fratantoni, MBA’s vice president of research and economics, said overall refinance activity declined, though there was an increase in applications for government loan programs. The average Contract interest rate on 30-year fixed-rate mortgages was unchanged at 4.23 percent. The average 30-year rate for jumbo loans increased to 4.59 percent. More here.
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