Mortgage
applications declined by the largest margin in three months during the week
ended October 1. The Mortgage Bankers Association said its Market Composite
Index, a measure of mortgage application volume, decreased 6.9 percent on a
seasonally adjusted basis from one week earlier. It was the biggest decline since
an identical loss during the week ended June 25. On an unadjusted basis, the
Index was down 7 percent compared with the previous week. The Refinance
Index accounted for the loss, dropping 10 percent compared to the previous week
and was 16 percent lower than the same week one year ago. The refinance share
of mortgage activity decreased to 64.5 percent of total applications from 66.4
percent the previous week. Purchasing
was also down, but to a much lower extent. Both the seasonally adjusted and the
unadjusted Purchase Indices dipped by 2 percent and volume was 13 percent lower
than the same week one year ago.

 

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