Mortgage applications increased 1.3% from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending Oct. 7.
The Market Composite Index, a measure of mortgage loan application volume, increased 1.3% on both a seasonally adjusted basis and an unadjusted basis from the previous week. The Refinance Index also increased 1.3% from the previous week, while the seasonally adjusted Purchase Index increased 1.1% from one week earlier. The unadjusted Purchase Index increased 1.2% compared with the previous week and was 2.9% lower than the same week one year ago.
According to the MBA, the increases were driven mainly by the government loan category, with the Government Purchase Index up 2.4% and Government Refinance Index increasing 9.9%. The Conventional Purchase and Refinance Indices increased 0.1% and 0.2%, respectively.
The MBA also determined that the average loan size of all loans for home purchase in the U.S. was $210,863 in September, down from $212,736 in August. The average loan size for a refinance in September was $237,632, down from $241,323 in August. The largest purchase loans were made in the Pacific region at $302,110, and the largest refinance loans were also made in the Pacific region at $339,592.Â