Mortgage loan activity slips for week ending Oct. 9

The Mortgage Bankers Association (MBA) said today that mortgage loan application volume decreased 1.8 percent on a seasonally adjusted basis for the week ending Oct. 9 from one week earlier. On an unadjusted basis, the change was 1.7 percent compared with the previous week.

The Refinance Index dipped 0.1 percent from the previous week, and the seasonally adjusted Purchase Index decreased 5.0 percent from one week earlier. Unadjusted, purchase activity dropped 4.8 percent compared with the previous week and was 6.8 percent lower than the same week one year ago.

The average contract interest rate for 30-year fixed-rate mortgages increased to 5.02 percent from 4.89 percent, and the average contract interest rate for 15-year fixed-rate mortgages increased to 4.44 percent from 4.32 percent. The average contract interest rate for one-year ARMs increased to 6.71 percent from 6.56 percent.

Additional information about mortgages can be found in my e-newsletter.

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Malcolm Carter
Licensed Associate Real Estate Broker
Senior Vice President
Charles Rutenberg Realty
127 E. 56th Street
New York, NY 10022

M: 347-886-0248
F: 347-438-3201

FHA commissioner defends 3.5% downpayment

In response to congressional noise, the head of the Federal Housing Administration contended the other day that raising downpayment requirements or taking similar steps to limit the pool of eligible buyers for FHA-backed loans would hamstring a fragile housing recovery.

And, you know what, he’s right.

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