October 14, 2009
Home Loan Application Volume Dips
By Matthew L. Brown
Mortgage application volume slipped by 1.8 percent during the week ended Oct. 19, according to the Mortgage Bankers Association's Market Composite Index.
During the week, the average contract interest rate for a 30-year, fixed home loan was 5.02 percent compared to 4.89 percent the previous week.
Applications to refinance continued to dominate the market, accounting for 67.4 percent of all home loan applications, an increase from 66.3 percent the prior week.
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