Prospective borrowers were busier during the holiday week completing applications for a new mortgage. Both refinancing and purchase financing activity accelerated.

The Market Composite Index for the seven days that concluded on Oct. 13 moved up 4 percent from the preceding week. The index was adjusted for Columbus Day.

However, when no adjustments are made for seasonality, the index — a representation of retail residential loan applications — tumbled 7 percent from the week ended Oct. 6.

Source: Mortgage Daily