Demand for mortgage applications increased slightly by 0.3% from a week ago, according to the Mortgage Banker's Association Survey, driving the purchase index higher
Purchase applications after adjusting for the impact of Labor Day increased over 7 percent last week to their highest level since April 2021, MBA s Associate Vice President of Economic and Industry Forecasting Joel Kan said. Compared to the same week of September, which was right in the middle of a significant upswing in home purchases, applications were down 11 percent the smallest decline in 14 weeks on an average year over year basis. The interest rate on a fixed-rate mortgage remained unchanged at 3.03% and kept refinancings on ice dropping 3% to the lowest level since July.
Delicate pricing still remains on the side of the sales associate after an even deeper dive into metrics.
Both government and conventional purchase applications increased, and the average loan size for a purchase application rose to $396,800, he added. The very competitive purchase market continues to put upward pressure on sales prices. The survey has been conducted weekly for nearly 75% of all U.S. retail residential mortgage applications and has been conducted annually since 1990.