The Mortgage Bankers Association (MBA) released its weekly report on mortgage applications this morning, noting a drop of 4.2% in the group’s seasonally adjusted composite index compared with last week’s decrease of 1.2%. Unadjusted, the composite index fell by 14%.
Applications for refinancing fell 5% (seasonally adjusted), while seasonally adjusted purchase applications increased by 1% from the previous week. Unadjusted, the purchase index fell 9% compared with the previous week and rose 12% compared with the same week a year ago. This week’s results include an adjustment for the Columbus Day holiday.
The refinancing rate fell slightly to 82% of total applications, down 1% from a week ago. About 96% of the applications were seeking fixed-rate loans, consistent with last week’s reading.
The average contract interest rate for a conforming 30-year fixed-rate mortgage rose slightly from 3.56% to 3.57%. The rate for a jumbo 30-year fixed-rate mortgage also fell, from…