Mortgage Applications Jump on Lower Rates
Washington, DC, Oct. 30, 2013 -- Mortgage applications surged higher by 6.4% for the week ending Oct. 25, the Mortgage Bankers Association said.
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The refinance index rose 9%, while the purchase index grew 2% as refinance applications ticked up.
The refinance share of mortgage activity increased to 67% of total applications, which is the highest level since June.
The average rate for a 30-year, fixed-rate mortgage dropped to 4.33% from 4.39%.