After making adjustments for the recent holiday, new applications for home loans slowed last week. Out front of the decline were purchase-money mortgage applications.
In the week ended Oct. 20, the Market Composite Index — a measure of retail residential loan application volume — fell a seasonally adjusted 5 percent from a week prior.
But without making any seasonal adjustments, the index jumped 6 percent from the seven-day period that included the Columbus Day holiday.
Source: Mortgage Daily