Just a week after rising, weekly mortgage applications fell — a trend that has continued for six consecutive weeks.
The Market Composite Index for the week ended Oct. 23 was down four percent from seven days earlier.
The index, which is adjusted based on seasonal variations, is a
measure of weekly mortgage loan application volume.
The Mortgage Bankers Association reported the index Wednesday as part of its Weekly Mortgage Applications Survey.
Applications continued a see-saw trend, falling a week after climbing 12 percent. A review of MBA historical data
indicates that application activity has reversed direction each week since the report for the week ended Sept. 11, when applications moved down seven percent.
Without a seasonal adjustment, the latest index increased seven percent from the week that included the Columbus Day holiday.
A four percent week-over-week decline, after seasonal adjustments, was reported for refinance applications.
Refinance share was 59.5 percent, no different than in the previous report.
Also down — by three percent — was the seasonally adjusted Purchase Index.
But with no seasonal adjustments, purchase applications climbed seven percent from seven days earlier and were up by 23 percent from one year earlier.
The trade group reported that adjustable-rate mortgages accounted for 6.6 percent of all applications in the latest report. ARM share
thinned from 6.9 percent the previous week.
Applications for mortgages insured by the Federal Housing Administration made up 13.7 percent of total activity. FHA share decreased from 14.3 percent a week prior.
The share of applications for loans guaranteed by the Department of Veterans Affairs slipped to 12.3 percent from 12.7 percent seven days earlier.
Rates on jumbo mortgages were
10 basis points lower than on conforming loans. The jumbo-conforming spread widened from a negative eight BPS in last week’s report.
