HousingWire reports the Mortgage Banker’s Association (MBA) says the measure of loan application volume rose 1.3 percent on a seasonally-adjusted basis this past week. The refinance and purchase indices each increased just over one percent, driven by government loans. The 30-year fixed-rate mortgage (FRM) increased 0.07% to 4.25, while the 30-year jumbo FRMs rose 0.10% to 4.59. The FHA’s (Federal Housing Authority) 30-year fixed rate grew 0.01% to 4.06, while the 15-year FRM went from 3.49% to 3.53%. The average loan size dropped from $212,736 in August to $210,863, while the average refinanced loan fell from $241,323 to $237,632 the previous month.
(Graphic credit: MBA)