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Mortgage applications fall on declining refinance activity | Bedford Corners NY Real Estate

Mortgage applications filed by U.S. consumers fell 4.8% for the week ending Oct. 26 as fewer homeowners refinanced their existing mortgages, an industry trade group said.

The Mortgage Bankers Association also noted that its refinance index fell 6% from the previous week, the lowest level reached since August. Home purchases, on the other hand, edged up 1% from the previous week on a seasonally adjusted basis.

Refinance activity represented 80% of all applications, down from 81% a week earlier, suggesting a slow down at a time when interest rates edged up a bit.

The average 30-year, fixed-rate mortgage with a conforming loan limit increased to 3.65% from 3.63%, while the 30-year, fixed hit its highest level since mid-September.

The average 30-year, FRM with a jumbo loan balance increased to 3.94% from 3.85% a week earlier.  Meanwhile, the 30-year, fixed backed by the Federal Housing Administration remained unchanged at 3.41%.

The 15-year, FRM declined to 2.95% from 2.96%, and the average 5/1 ARM declined to 2.66% from 2.72%.

kpanchuk@housingwire.com

 

Robert Paul

Robert is a realtor in Bedford NY. He has been successfully working with buyers and sellers for years. His local area of expertise includes Bedford, Pound Ridge, Armonk, Lewisboro, Chappaqua and Katonah. When you have a local real estate question please call 914-325-5758.

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