Mortgage Purchase Activity Hits Four Month High

According to the Mortgage Bankers Association’s Weekly Applications Survey, the seasonally adjusted Purchase Index rose 1.0 percent last week, reaching its highest level since June. But despite the gains in purchase activity, the Market Composite Index, which measures both refinance and purchase loan volume, fell 4.2 percent due to a 5.0 percent slide in the Refinance Index. Still, the refinance share of all mortgage activity was 82 percent. Mortgage rates also rose slightly last week. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances increased to 3.57 percent from 3.56 percent the previous week. The week’s results include an adjustment for the Columbus Day holiday. More here and here.

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