Mortgage Applications Plunge
Mortgage applications fell nearly 15 percent last week from the week before, a weekly survey by the Mortgage Bankers Association revealed.
Applications fell 14.9 percent for the week ending Oct. 14. Refinancings decreased even further, by 16.6 percent. The Refinance Index decreased 16.6 percent from the previous week. The seasonally adjusted Purchase Index decreased 8.8 percent from one week earlier.
The association's four-week moving average for its seasonally adjusted market index is down 2.36 percent while the four-week moving average for refinancings is down 2.58 percent. Also, the refinance share of mortgage activity decreased to 77.6 percent of total applications from 79.1 percent the previous week, and the adjustable-rate mortgage share of activity decreased to 5.8 percent from 6 percent of total applications from the previous week.
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