According to the Mortgage Bankers Association's seasonally adjusted index, total mortgage application volume grew 4.9 percent the week of October 15 over the previous week.
The data from the previous week, which included Columbus Day, was adjusted to account for the bank holiday and now reflects greater volume in refinance and loans to buy a home as buyers seek to enter the market before interest rates rise further, CNBC reports. Mortgage volume was higher than in the following two weeks for both refinances and purchases, and had a 16 percent lower annual rate. Applications to refinance grew 10 percent over the week, but dropped 32 percent annually.
"The holiday impacted refinance applications more than purchases," said the MBA's Joel Kan. "Meanwhile, purchase applications increased 2 percent over the prior week but were still 4 percent lower than two weeks ago — a sign that both the jump in mortgage rates and tight inventory continue to hold back application activity."