Mortgage applications decreased in the Mortgage Bankers Association's (MBA) weekly mortgage applications survey for the week ending Oct. 5.
The MBA's market composite index dipped 1.2% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the index decreased 1% compared with the previous week.
The refinance index decreased 2% from the previous week. The refinance share of mortgage activity remained unchanged at 83% from the previous week.
The seasonally adjusted purchase index increased 2% from one week earlier. The unadjusted purchase index increased 3% compared with the previous week and was 12% higher than the same week one year ago.
‘Refinance applications declined somewhat last week, although volume is still near three-year highs, and purchase applications increased to the highest level since June, with both conventional and government volumes increasing,’ says Mike Fratantoni, MBA's vice president of research and economics. ‘Rates on 30-year fixed-rate loans remain historically low, benefiting both prospective homebuyers and those seeking to refinance.’