Mortgage Applications Drop 10%

Mortgage applications sank 10% last week from one week before, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey. The survey's results include an adjustment to account for the Veterans Day holiday.

On an unadjusted basis, the MBA's Market Composite Index decreased 19.6% compared with the previous week. The Refinance Index decreased 12.2% from the previous week. The seasonally adjusted Purchase Index dropped 2.3% from one week earlier, while the unadjusted Purchase Index decreased 14.8%.

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