The previous week's results included an adjustment for the Columbus Day holiday.
The Market Composite Index fell 4.6% on a seasonally adjusted basis from the previous period. The index rose 6% on an unadjusted basis over the same period. The refinance index slipped 3% from the previous week. The purchase index fell 6% on a seasonally adjusted basis but rose 4% on an unadjusted basis compared to the previous period. The unadjusted figure was 10% higher than the level in the same period last year.
The share of refinance applications of total activity increased to 49.5% from 48.6% in the prior period. Adjustable-rate mortgages (ARM) accounted for 6.4% of total applications.
share of total applications decreased to 9.8% from 10.4% the week prior. Applications for VA
mortgages slipped to 10.1% from 10.5% from the prior period, while the USDA share of total applications fell to 0.7% from 0.8%.
Changes in average contract interest rates for various mortgage types were mixed over the period.
Rates for 30-year fixed-rate mortgages with conforming loan balances averaged 4.18%, up from 4.14%, with points slipping to 0.42 from 0.44, including the origination fee, for 80% loan-to-value ratio (LTV) loans. The average rate for 30-year fixed-rate mortgages with jumbo loan balances fell to 4.11% from 4.13%, with points decreasing to 0.24 from 0.32 for 80% LTV loans.
The 30-year fixed-rate mortgage backed by the FHA
posted an average rate of 4.04%, up from 4%, with points climbing to 0.41 from 0.37 for 80% LTV loans. The average rate for 15-year fixed-rate mortgages ticked up to 3.48% from 3.45%, with points decreasing to 0.40 from 0.43 for 80% LTV loans. Rates for the 5/1 ARM averaged 3.29%, down from 3.31%, with points increasing to 0.54 from 0.40 for 80% LTV loans.
Refi app share declines despite rebound in overall activity
Mortgage application volume continues decline
A measure of mortgage loan application volume declined during the week ending Oct. 20 after increasing in the previous period, according to the Weekly Mortgage Applications Survey released by the Mortgage Bankers Association.