applications, especially for home purchases, pulled back from the previous week’s
level. The Mortgage Bankers Association (MBA) said its Market Composite Index,
a measure of application volume, decreased 0.5 percent on a seasonally adjusted
basis during the week ended November 6. On an unadjusted basis, the Index
decreased 1 percent compared with the previous week. Refinancing remained the strength of the Composite Index and that component gained 1 percent week-over-week and was 67 percent higher than the same week one year ago. The refinance share of mortgage activity increased to 70.0 percent of total applications from 68.7 percent the previous week.