Connect with us

Hi, what are you looking for?

The American GeniusThe American Genius

Economic News

After a rough patch, mortgage application volume is rising again

Good news for real estate

The Mortgage Bankers Association (MBA) is reporting that despite the downward trend of weeks previous including a 15 percent drop last week, the week ending October 21st saw a five percent increase from the week prior, making up for some of the recent decline.

Continuing with the recent trend, the refinance share of mortgage activity dropped slightly to 77.3 percent of all applications and the adjustable rate mortgage share rose to 5.9 percent, another slight shift from the week prior. Investors account for six percent of applications, up slightly from weeks past.

The average contract interest rate for the week on 30-year fixed rate mortgages with conforming loan balances was unchanged at 4.3 percent of application volume, while 30-year fixed rate mortgages on jumbo loans rose a bit to 4.68 percent. FHA backed 30-year fixed rate loans dropped very slightly to 4.11 percent.

Mortgage rates remain lower than ever, but they are on a slow incline, having dropped below four percent for the first time, only to immediately go back above four percent. Housing continues to struggle and lending is no different, although a week of increase mortgage application volume is welcome news.

Advertisement. Scroll to continue reading.

Tara Steele is the News Director at The American Genius, covering entrepreneur, real estate, technology news and everything in between. If you'd like to reach Tara with a question, comment, press release or hot news tip, simply click the link below.


Leave a Reply

Your email address will not be published. Required fields are marked *


American Genius
news neatly in your inbox

Subscribe to our mailing list for news sent straight to your email inbox.



Real Estate Technology

(TECH NEWS) It turns out that Internet of Things, like smart bulbs in homes, are not secure and give up your info - here...

Real Estate Marketing

(MARKETING) Your fancy, self-animating website might be making people violently ill, even if it is insanely beautiful. Sorry...

Real Estate Marketing

(MARKETING) Conduit is a CRM that does more than CRM, it analyzes your networking data to help you see how to improve your relationships.

Real Estate Corporate

(REAL ESTATE) Zillow has long been a data powerhouse, but a lawsuit about a $150M listing offers a look into listings claims.

The American Genius is a strong news voice in the entrepreneur and tech world, offering meaningful, concise insight into emerging technologies, the digital economy, best practices, and a shifting business culture. We refuse to publish fluff, and our readers rely on us for inspiring action. Copyright © 2005-2022, The American Genius, LLC.