The U.S. Mortgage Market Index from Loan Sifter and Mortgage Daily reported an increase in inquiries for rates on refinance transactions as interest rates fell. As compared to the week ending on September 13, the average pricing inquiries were up 17%.
The week ending on September 20th saw the biggest gains in the refinance sector, rising 25% from a week earlier. Overall activity represented by refinances rose to 49.2% from 45.8% in the week ending on September 13.
An 18.8% week-over-week rise was recorded for adjustable-rate mortgages, while the year-over-year increase was 90%, which is the biggest gain for any category. Adjustable-rate mortgages shares rose to 11.0% from 10.8% one week prior. ARM share was just 4.16% twelve months prior.
Conventional mortgage inquiries were up 18% but were down more than one-third from a year earlier. Inquiries for loans insured by the Federal Housing Administration rose 14%. But FHA business has fallen 28% from a year ago. FHA shares slipped to 15.2% from 15.6% in the previous week and 15.3% in the same week during the previous year.