Getting those last-minute applications in before the TILA-RESPA Integrated Disclosure implementation date caused mortgage application volume to rise 25.5% on an adjusted basis in the week ending Oct. 2, according to the Mortgage Bankers Association.
Application volume rose 26% on an unadjusted basis, according to the MBA's weekly
For the week ended Sept. 25, mortgage application volume fell 6.7% from the previous week on an adjusted basis.
Refinance applications rose 24% although its share of application activity fell to 57.4% from 58% in the previous week. The purchase index was up 27% on an adjusted and unadjusted basis. Purchase apps were 49% higher on an unadjusted basis from the year before.
"The number of applications for purchase and refinance mortgages soared last week due both to renewed rate volatility and as many applications were filed prior to the TILA-RESPA regulatory change," Lynn Fisher, the MBA's vice president of research and economics, said in a news release.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances fell to 3.99% from 4.08%. The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances fell to 3.89% from 3.96%.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA fell to 3.8% from 3.87%, while the average contract interest rate for 15-year fixed-rate mortgages fell to 3.24% from 3.29%.
