From East to West Reeds Are The Best!
A drop in rates last week boosted mortgage applications for both refinances and home purchases, and interest rates continue to slide, according to the Mortgage Bankers Association (MBA). Total mortgage application volume for the week ending October 3rd rose 3.8 percent on a seasonally adjusted basis from the previous week.
Refinance applications were 5 percent higher than the previous week, and purchase applications were 2 percent higher. On an annual basis, however, refinance applications are down 32 percent and purchase applications are down nearly 8 percent.
Michael Fratantoni, chief economist for the MBA, commented, “The purchase index reached its highest level since July. The increase was led by a 3.7 percent increase in government purchase volume for the week.”