Mortgage Loan Applications Rise
According to the Mortgage Bankers Association, mortgage loan applications in the United States rose the first week of October based on the data released on Wednesday, which reported a 2.2% week over week rise in applications.
Last week, applications fell by 23.0%. The portion of fixed rate mortgage loans rose 2.4%, after declining 22.5%, previously, while those opting for variable rates contracted 3.6% after the previous week’s 52.5% decrease. Compared to last year, the market composite index fell 28.6%.
The average mortgage loan size was $223,400, compared to previous week’s $237.0k. The average interest rate for a thirty-year fixed rate home loan decreased to 5.99% from 6.07%.
Tags: mortgage loan