Purchase Mortgage

Mortgage loan application volume bounced back from last week’s low, rising 0.3%, according to the Mortgage Bankers Association’s (MBA) weekly survey. Purchase mortgage activity grew 8%, driving the increase. Last week’s numbers hit their lowest point since Mid-July, largely due to a 3% drop in refinancing. Refi dropped another 3% this week, but purchase mortgage applications made up for it, reaching their highest level since April. “Compared to the same week last September, which was right in the middle of a significant upswing in home purchases, applications were down 11%– the smallest year-over-year decline in 14 weeks,” said Joel Kan, associate vice president of economic and industry forecasting. The average loan size for a purchase application also rose, to $396,800.…