The number of mortgage applications filed in the U.S. fell 4.2% for the week ending Oct. 12, an industry trade group said Wednesday.
The results for the week include adjustments for the Columbus Day holiday, the Mortgage Bankers Association noted.
The volume of applications declined as the 30-year, fixed-rate mortgage rates for conventional and jumbo loans increased to 3.57% and 3.81%, respectively. A week earlier, the conventional 30-year hung at 3.56%, while the jumbo sat at 3.74%.
Refinancing activity cooled, pushing the refinancing index down 5% from the previous week. Meanwhile, the adjusted-purchase index increased 1% from a week earlier, making it the highest purchase index score recorded in four months.
The average contract interest rate for the 30-year, FRM backed by the FHA held constant at 3.34%, while the 15-year, FRM fell slightly to 2.87% from 2.88%. The 5/1 ARM contract rate also edged down to 2.59% from 2.60%.
kpanchuk@housingwire.com
