Mortgage loan application volume increased by 16.4 percent during the week ended Oct. 2, according to the Mortgage Bankers Association‘s Market Composite Index.
The association’s refinance index increased 18.2 percent during the same period. The week was the third straight during which 30-year fixed mortgage rates were below 5 percent
Refinance applications made up 66.3 percent of all home loan application activity and the average contract interest rate for a 30-year mortgage was 4.89 percent.
