Posted To: MND NewsWire

Applications for purchase mortgages recovered from a 5 percent drop the prior week to drive a small increase in overall volume during the week ended October 22. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of mortgage application volume, increased 0.3 percent on a seasonally adjusted basis and was 0.2 percent higher unadjusted compared to the previous week. The seasonally adjusted Purchase Index rose 4.0 percent from the previous week and was 3 percent higher before adjustment but remained down 9.0 percent year-over-year. The Refinance Index decreased 2 percent from the previous week and was 26 percent lower than the same week one year ago. The refinance share of mortgage activity decreased to 62.2 percent of total applications from 63.3 percent the previous…(read more)

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Source: Mortgage News Daily