October 29, 2008
Mortgage Application Volume Up 16.8%
By Matthew L. Brown
Home loan application volume was up 16.8 percent during the week ended Oct. 24, according to the Mortgage Bankers Association's Weekly Mortgage Application Survey.
The MBA's Market Composite Index, which measures loan application volume, hit 476.7 compared to 408.1 in the previous week. Still, the index is down 30 percent compared to the same week last year, the association said.
The refinance share of mortgage activity increased to 46.9 percent of total applications from 42.6 percent the previous week. Adjustable rate mortgage activity decreased to 1.9 percent of total loan applications from 2.7 percent the previous week.
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