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Mortgage Apps: More Modest Declines

October 11, 2017
Bottom Line: Mortgage applications fell modestly for the fourth week in a row after volatility in early September. The 4-week averages for both the purchase index and the refinancing index are below their respective 13-week averages, suggesting the trend is towards modestly slower mortgage activity. 30-year mortgage rates have also crept higher in the last 4 weeks, rising from 4.03 to 4.16 on average.

The MBA Mortgage Applications Index FELL by 2.1% during the week ended October 6 to 405.2, modestly below its 13 week average of 418.3 and 20.5% BELOW its year ago level.

The Purchase Index FELL by 0.1% to 233.2, slightly below its 13 week average of 234.5 but 7.6% ABOVE its year ago level.

The Refinance Index FELL by 4.2% to 1,359. With this decline, refinancing activity is modestly below its 13 week average of 1,445 and 37.9% BELOW its year ago level.

Contract Mortgage Rates ROSE with the 30-year fixed rate increasing by 4 bps to 4.16% and with the 15-year fixed rate increasing by 2 bps to 3.44%.