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Brian Kapferer

US mortgage applications ↑~3% from the prior survey for the period ending October 23, although they remained ↓~18% yearly, an industry economist said.
A recent dip in US mortgage rates likely contributed to the rebound in purchase applications, particularly conventional loans, an industry economist said.
More US borrowers were choosing adjustable-rate mortgages, while most homeowners continued to hold rates well below prevailing market levels, an industry economist said.
The weekly US avg. rate on a 30-yr fixed mortgage moved from the mid-7% range to the low-7% range, while a daily measure edged higher.
The US central bank left its benchmark rate unchanged; another increase could come in Late-Q4, though long-term government bond yields influence mortgage rates most.

U.S. Mortgage Applications Start Rebounding

A national analysis estimated that down payment assistance could help a median-income household save for a typical home 18 mo sooner than saving independently.
For a typical US home, the analysis estimated 4.2 yr of savings for a 10% down payment, compared with 2.7 yr with assistance.
The scenario assumed assistance covering ~4% of the purchase price; its modeled savings illustrate how support could shorten the path to a down payment.
In the modeled US purchase, assistance increased the combined down payment, potentially lowering ongoing housing costs; buyers still need to qualify for a loan.
Assistance covering ~4% could potentially cover the minimum down payment on a federal housing agency loan, although eligible US buyers must afford ongoing expenses.