Mortgage Application Activity Slows Down

Fewer people were seeking out mortgage applications, according to data from the Mortgage Bankers Association (MBA) that covered the week ending Oct. 6.

 

The Market Composite Index was down by 2.1 percent on a seasonally adjusted basis from one week earlier, while the unadjusted index saw a two percent slip. The seasonally adjusted Purchase Index decreased by a scant 0.1 percent from one week earlier, but the unadjusted Purchase Index increased by an equally scant 0.1 percent compared with the previous week and was seven percent from one year earlier. The Refinance Index fell by four percent while the refinance share of mortgage activity decreased to 49 percent of total applications from 50.1 percent the previous week.

 

Among the federal program, the FHA share of total applications increased to 10.3 percent from 10 percent the week prior and the VA share of total applications increased to 10.6 percent from 10 percent, but the USDA share of total applications decreased to 0.7 percent from 0.8 percent.

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