Mortgage applications filed last week increased a seasonally adjusted 16.4% compared with the week before, as interest rates on fixed-rate mortgages fell, the Mortgage Bankers Association reported Wednesday.
The Washington-based MBA's data indicated that the average rate on 30-year fixed-rate mortgages remained below the 5% mark for a third consecutive week. The group's survey covers about half of all U.S. retail residential mortgage applications.
Filings to refinance existing home loans rose 18.2% for the week ended Oct. 2, as mortgage holders moved to take advantage of the downward pressure on rates. The MBA's Refinance Index stood at its highest level since mid-May.
Also higher, applications for mortgages to purchases home increased a seasonally adjusted 13.2% on a week-to-week basis, with the Purchase Index at its highest level since January.
The MBA's four-week moving average for all mortgages was up a seasonally adjusted 4.2%.
Overall applications had slipped a seasonally adjusted 2.8% in the week ended Sept. 25 from the prior week.
