Mortgage applications dropped for the week ending Oct. 19, according to data from the Mortgage Bankers Association's (MBA) weekly mortgage applications survey.
The MBA's market composite index decreased 12% on a seasonally adjusted basis from one week earlier, but the MBA noted that week included an upward adjustment for the Columbus Day holiday. On an unadjusted basis, the index decreased 2% compared with the previous week.Â
The MBA's refinance index decreased 13% from the previous week to the lowest level since late August. The refinance share of mortgage activity decreased to 81% of total applications from 82% the previous week.
The seasonally adjusted purchase index decreased 8% from one week earlier. The unadjusted purchase index increased 2% compared with the previous week and was 7% higher than the same week one year ago.