Weekly Mortgage Applications Survey for the week ending October 3 showed an increase of 2.2 percent over the previous week. So there must still be some optimists out there who believe the credit crunch will end in time for them to get a loan.
The Market Composite Index, a measure of mortgage loan application volume, was 465.5, an increase of 2.2 percent on a seasonally adjusted basis from 455.4 one week earlier. On an unadjusted basis, the Index increased 2.2 percent compared with the previous week and was down 28.6 percent compared with the same week one year earlier.
The average contract interest rate for 30-year fixed-rate mortgages decreased to 5.99 percent from 6.07 percent, with points decreasing to 1.09 from 1.12 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans.