LOAN APPS UP AS INTEREST RATES REMAIN LOW 

WASHINGTON (Mortgage Bankers Association) – The Mortgage Bankers Association released its Market Composite Index Wednesday, recording a 16.4 percent increase in mortgage loan application volume between the week ending Sept. 25 and the week ending Oct. 2.

The Refinance Index increased 18.2 percent during the same time period.

The average contract interest rate for 30-year fixed-rate mortgages hung below 5 percent for the third consecutive week, falling from 4.94 percent on Sept. 25 to 4.89 percent on Oct. 2.

The average contract interest rate for 15-year fixed-rate mortgages decreased from 4.34 percent to 4.32 percent.

The average contract interest rate for one-year adjustable rate mortgages increased to 6.56 percent from 6.40 percent.
Real Estate Center at Texas A&M University http://recenter.tamu.edu/

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