Mortgage applications across the United States increased nearly 5 percent last week from the week ending Oct. 14, according to the Mortgage Bankers Association (MBA).
The group’s Market Composite Index rose 4.9 percent on a seasonally adjusted basis. Meanwhile, the MBA’s Refinance Index rose 4.4 percent and the seasonally adjusted Purchase Index increased 6.4 percent.
However, the four-week moving averages for all three indexes are down. The Market Index is down 3.6 percent; the Purchase Index, 0.7 percent and the Refinance Index, 4.4 percent.
The MBA said the average interest rate for a 30-year fixed-rate mortgage with conforming loan balances of $417,500 or less remained unchanged at 4.33 percent. The rate for a 15-year fixed-rate loan ticked up slightly to 3.62 percent from 3.61 percent.
