The Mortgage Bankers Association's (MBA) Market Composite Index sank last week, falling 10.5% on a seasonally adjusted basis from one week earlier. This week's results do not include an adjustment for the Columbus Day holiday.
The Refinance Index decreased 11.2% from the previous week. The seasonally adjusted Purchase Index decreased 6.7% from one week earlier, and the unadjusted Purchase Index decreased 6.6%, the MBA reports.
The refinance share of mortgage activity decreased to 82.4% of total applications from 83.1% the previous week. The adjustable-rate mortgage share of activity increased to 5.8% from 5.4%.
SOURCE: Mortgage Bankers Association