Mortgage applications edged up 3.8 percent for the week, as refinances and home purchases remain significantly higher than a year ago, according to a new report released Wednesday by the Mortgage Bankers Association.
For the week ending October 30, refinances increased 6 percent from the previous week and were 88 percent higher than a year ago. Purchase applications were down 3 percent for the week but remained 25 percent higher than last year.
The refinance share of mortgage activity increased to 68.7 percent of total applications from 66.7 percent the previous week. The adjustable-rate mortgage share of activity remained unchanged at 2.1 percent of total applications.
“After a solid stretch of purchase applications growth, activity decreased for the fifth time in six weeks, but was still over 25 percent higher than a year ago and has increased year-over-year for six straight months. 2020 continues to overall be a strong year for the housing market,” said Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting.