The number of prospective home loan borrowers who submitted a new application fell last week, with applications from home buyers taking the biggest hit.
During the week ended Oct. 21,
the volume of new U.S. retail residential mortgage applications declined a seasonally adjusted 4 percent from the prior week.
That was according to the
Market Composite Index, which actually moved up 7 percent from a week earlier when no adjustments are made for seasonal factors.
The index is included in the Weekly Mortgage Applications Survey released Wednesday by the Mortgage Bankers Association. The index reportedly covers more than 75 percent of all applications.
Refinance applications dipped 2 percent from the previous report. The decline came despite a widening of refinance share to 62.7 percent from 61.5 in the week ended Oct. 14 and 59.5 percent in the same week last year.
MBA reported that the Purchase
Index tumbled 7 percent from the last report on a seasonally adjusted basis. Without seasonal adjustments, though, purchase applications rose 3 percent and were up 9 percent from the week ended Oct. 23, 3015.
Of all applications submitted, 11.1 percent were for mortgages insured by the Federal Housing Administration. FHA share was 11.3 percent in the prior report and 13.7 percent a year prior.
Applications for loans guaranteed by the Department of Veterans Affairs made up
12.2 percent of the latest activity. VA share was reduced from 12.8 percent one week previous and 12.3 percent one year previous.
Interest rates on jumbo mortgages were
the same as conforming rates. The jumbo-conforming spread was a negative 1 basis point in the last report and a negative 10 BPS in the same week a year ago.
Applications for adjustable-rate mortgages accounted for 4.2 percent of the last activity. ARM share widened from
4.1 percent a week earlier but thinned from 6.6 percent a year earlier.
