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Mortgage Apps Steady; Forbearances Drop Under 6%; Highest Rates in a Month

Mortgage Apps Steady; Forbearances Drop Under 6%; Highest Rates in a Month

The Mortgage Bankers Association (MBA) says there was little change in mortgage application activity during the week ended October 16. MBA's Market Composite Index, a measure of mortgage loan application volume, dipped 0.6 percent from the prior week on a seasonally adjusted basis and was down 1.0 percent unadjusted. Refinancing was also flat. The Refinance Index increased 0.2 percent from the previous week although activity remained well ahead of a year earlier, up 74 percent. The refinance share of mortgage activity increased to 66.1 percent of total applications from 65.6 percent the previous week. Applications for home purchasing fell for the fourth straight week , and for the seasonally adjusted index it has consistently been a 2.0 percent weekly decline. The unadjusted index was also
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