Mortgage Apps Increase as Rates Ease
Applications for U.S. mortgages have rebounded in response to falling interest rates, the Mortgage Bankers Association reports.
The seasonally adjusted index of total mortgage applications rose 11.9 percent in the week ending Sept. 29 to 633.9. That’s its highest level since January, but on an unadjusted basis it is 10.9 percent lower than it was a year ago last week.
Nearly half of the applications are for refinancing as homeowners with adjustable rates trade them for fixed rates. At 46.7 percent, this is the highest that the refinance share has been since February 2005.
The average interest rate for 30-year fixed-rate mortgages increased to 6.24 percent from 6.18. The average interest rate for 15-year fixed-rate mortgages increased to 5.86 percent from 5.81 percent. The average rate for a one-year ARM decreased to 5.86 percent from 5.90.
Applications for U.S. mortgages have rebounded in response to falling interest rates, the Mortgage Bankers Association reports.
The seasonally adjusted index of total mortgage applications rose 11.9 percent in the week ending Sept. 29 to 633.9. That’s its highest level since January, but on an unadjusted basis it is 10.9 percent lower than it was a year ago last week.
Nearly half of the applications are for refinancing as homeowners with adjustable rates trade them for fixed rates. At 46.7 percent, this is the highest that the refinance share has been since February 2005.
The average interest rate for 30-year fixed-rate mortgages increased to 6.24 percent from 6.18. The average interest rate for 15-year fixed-rate mortgages increased to 5.86 percent from 5.81 percent. The average rate for a one-year ARM decreased to 5.86 percent from 5.90.
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