The seasonally adjusted purchase index increased by 2% from last week’s report. On an unadjusted basis, the composite index increased by 6% week-over-week. The unadjusted purchase index increased by 2% for the week, and is down 0.1% year-over-year. This marks the fifth week in a row that the year-over-year unadjusted purchase index is lower than it was a year ago.
The MBA’s refinance index increased by 9%, after falling by 1% in the previous week. The share of refinancings climbed by two points to 67% of all applications. Adjustable rate mortgage loans account for 7% of all applications, unchanged from the prior week.
The average mortgage loan rate for a conforming 30-year fixed-rate mortgage decreased from 4.39% to 4.33%. The rate for a jumbo 30-year fixed-rate mortgage fell from 4.43% to 4.36%. The average interest rate for a 15-year fixed-rate mortgage retreated from 3.51% to 3.42%. All three loan types have fallen to their lowest levels since June.
The contract interest rate for a 5/1 adjustable rate mortgage loan decreased from 3.25% to 3.17%.
Refinancings have picked up again since interest rates have fallen from August highs. However refinancing remains nearly 60% below its May levels. The purchase index is also lower than it was in May and below year-ago levels as well.
Want to Retire Early? Start Here (Sponsor)
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.