Mortgage Application Volume Responds to Rate Drop
A quarter-point decline in 30-year fixed-rate mortgage (FRM) interest pushed mortgage application activity higher across the board during the week ended November 3. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of mortgage application volume, increased 2.5 percent on a seasonally adjusted basis from one week earlier, the largest increase since mid-September . The unadjusted Index was 1.0 percent higher.
The Refinance Index rose 2.0 percent from the previous week and was 7 percent lower than the same week one year ago. Refinance applications accounted for 31.4 percent of the total, up from 31.2 percent the prior week. [refiappschart]
The seasonally adjusted Purchase Index increased 3.0 week-over-week and was 1.0 percent higher before adjustm
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