Mortgage & housing market update
Mortgage Applications Ease Before the Latest Rate Improvement
Application activity declined for the week ending October 9, before much of the subsequent improvement in mortgage rates.
Housing Brief reports a 2.7% weekly decline in MBA application volume. Purchase applications fell 4%, while refinance applications eased 0.4%.
The survey covers the week ending October 9. Its timing means it does not yet capture most of the following decline in borrowing costs; a rebound in applications remains a possibility rather than a reported result.
Buyers should use current loan pricing rather than treating a backward-looking application survey as today’s rate sheet. Compare total costs and future adjustment terms when considering an ARM.
Mortgage-rate information is provided for education only and is not a rate quote, offer, or commitment to lend. Actual rates, fees and terms vary by borrower, property, loan program, market conditions and lock period. Home-price indexes are not appraisals or forecasts for a specific property.
Source reporting: Housing Brief Housing News. This market update is an original summary and commentary prepared by the Carson Home Team.