According to the Mortgage Bankers Association, overall applications were down by just 0.4 percent during the week ending September 27. Not surprisingly, refinance applications were higher last week as mortgage rates have found additional room to fall following the Fed’s inaction last month.
Refinance applications increased by 3 percent last week, bring the share of refinance applications up to 63 percent of all mortgage activity, the highest mark since August.
Purchase applications saw a sizable decline of 6 percent from the previous week, while ARM continues to hover around 6 percent of total applications.
Are you considering refinancing? Contact Cornerstone First Financial today at 202-625-1221 to learn about your options for your mortgage refinance.