Mortgage application volume increased 3.6% on an adjusted basis during the week ended Oct. 13, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey.
The results included an adjustment for the Columbus Day holiday.
Applications for refinances increased 3%, while applications for purchases increased 4%.
On an unadjusted basis, total volume decreased 7% compared with the previous week. Applications for purchases decreased 6% on an unadjusted basis but were 9% higher compared with the same week one year earlier.
The refinance share of mortgage activity decreased to 48.6% of total applications.
The average rate for a 30-year fixed-rate mortgage with a conforming loan balance ($424,100 or less) was 4.14%, down from 4.16%.