Econintersect: The Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending October 28, 2011 showed mortgage applications increased 0.2% from one week earlier.
The refinance share of conventional activity decreased to 83.8 from 84.1 the previous week. Thirty percent of all home purchases are for cash – so mortgages are involved in 70% of the transactions in housing market.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,500 or less) decreased to 4.31% from 4.33%. Hat tip to Calculated Risk for the graphic below.