The
volume of mortgage applications as measured by the Mortgage Bankers Association’s
(MBA’s) Market Composite Index declined during the week ended October 29. The
Index was down 3.3 percent on a seasonally adjusted basis and 4 percent
unadjusted when compared with the prior week. The Refinance Index was
also down 4 percent and was 33 percent below its level the same week in 2020.  The refinance share of mortgage activity declined
for the fifth straight week, dipping to 61.9 percent of total applications from
62.2 percent the week before. The Purchase Index was lower
than the prior week by 2 percent and 3 percent on an adjusted and unadjusted
basis respectively. It was down 9 percent on a year-over-year basis.

 

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