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MORTGAGE LOAN APPS FALL 20.5 PERCENT
| The Market Composite Index of mortgage loan applications, a measure of mortgage loan applications for purchases and refinancings, decreased by 20.5 percent to 649.6 percent on a seasonally adjusted basis for the week ending Oct. 10 from 817.3 one week earlier, according to a report released today by the Mortgage Bankers Association of America (MBA). On an unadjusted basis, the Index decreased by 20.5 percent for the week ending Oct. 10 compared with the previous week and was down 50.1 percent for the week ending Oct. 10 compared with the same week one year earlier. "Applications have fallen to levels at or below what we saw two weeks ago after increasing last week," said Jay Brinkmann, MBA's vice president of research and economics. "Though long-term interest rates were mostly stable this week, the rates remain slightly higher than the lows recorded in late September," The refinance share of mortgage activity decreased to 53.9 percent of total applications for the week ending Oct. 10 compared to 55.0 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 25.2 percent for the week ending Oct. 10 from 22.7 percent the previous week. |