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Last week was not the best seven-day stretch for lenders, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending Oct. 21.
The Market Composite Index decreased 4.1 percent on a seasonally adjusted basis from one week earlier, although it increased on an unadjusted basis by seven percent. The seasonally adjusted Purchase Index dropped seven percent from one week earlier to its lowest level since January, although the unadjusted Purchase Index increased three percent compared with the previous week and was nine percent above the level set one year ago. And the Refinance Index dipped by percent from the previous week to its lowest level since June, although the refinance share of mortgage activity increased to 62.7 percent of total applications from 61.5 percent the previous week.
Among the federal home loan programs, the FHA share of total applications decreased to 11.1 percent from 11.3 percent the week prior while the VA share of total applications decreased to 12.2 percent from 12.8 percent the week prior and the USDA share of total applications remained unchanged at 0.7 percent.