What a difference a week and new regulations can make. The Mortgage Bankers Association is reporting that mortgage applications were up over 25% from the previous week. The data was released as part of the the MBA’s Weekly Mortgage Applications Survey for the week ending October 2nd.
“The number of applications for purchase and refinance mortgages soared last week due both to renewed rate volatility and as many applications were filed prior to the TILA-RESPA regulatory change. The average loan size of applications in the weekly survey increased by 6.9 percent, driven by a 12.1 percent increase in the average size of refinances,” said Lynn Fisher, MBA’s Vice President of Research and Economics.
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