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Mortgage Applications Up 3.8% in Weekly Survey

applicationMortgage application volumes kicked off the month with a small increase as interest rates tumbled a few points, according to industry data.

The Mortgage Bankers Association's (MBA) weekly measure of mortgage applications rose 3.8 percent for the week ending October 3, the group reported Wednesday. The increase includes adjustments for seasonal influences.

Unadjusted, application totals came up 4 percent week-over-week.

MBA's gauge measuring refinance activity increased 5 percent from the previous survey, spurred by a decline in interest rates. According to the association's metric, the average 30-year fixed mortgage rate for the week was 4.30 percent for conforming loans, with points falling to 0.19 from 0.31 for 80 percent loan-to-value loans.

Despite the jump, the refinance share of total mortgage application activity was unchanged at 56 percent.

Meanwhile, applications for home purchases increased 2 percent, both adjusted and unadjusted. Compared to a year ago, purchase loan applications are still down 8 percent.

About Author: Tory Barringer

Tory Barringer began his journalism career in early 2011, working as a writer for the University of Texas at Arlington's student newspaper before joining the DS News team in 2012. In addition to contributing to DSNews.com, he is also the online editor for DS News' sister publication, MReport, which focuses on mortgage banking news.
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