Mortgage application volume spikes

The volume of mortgage loan applications filed increased by 16.4 percent during the week ending Oct. 2, compared to the week before, according to seasonally adjusted data from the Mortgage Bankers Association’s weekly mortgage applications survey, released today. This increase in the number of applications comes as the 30-year fixed mortgage rate sees its third consecutive week below 5 percent. The survey’s refinance index also saw gains. It increased 18.2 percent from the previous week, with the largest number of mortgage holders filing refinance applications since May. TRD