Mortgage applications increased slightly in the latest weekly report released Wednesday by the Mortgage Bankers Association.
The survey found:
- Mortgage applications for the week ending October 23 increased 1.7 percent from a week earlier.
- The Refinance Index increased 3 percent from the previous week and was 80 percent higher than the same week a year ago.
- The Purchase Index decreased 0.3 percent from the previous week and was 24 percent higher than the same week a year ago.
- The refinance share of mortgage activity increased to 66.7 percent of total applications from 66.1 percent the previous week.
- The adjustable-rate mortgage share of activity increased to 2.1 percent of total applications.
“Mortgage applications to buy a home were flat compared to the prior week, but overall activity remains strong this fall. Applications jumped 24 percent compared to last year, and the average loan size reached another record high at $372,600. These results highlight just how strong the upper end of the market is right now, with outsized growth rates in the higher loan size categories,” said Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting.