Mortgage application volume decreases

The volume of mortgage loan applications filed decreased by 13.7 percent during the week ending Oct. 16, compared to the week before, according to data adjusted to account for the Columbus Day holiday from the Mortgage Bankers Association, released today. On an unadjusted basis, the weekly mortgage applications survey shows an even greater drop — 22.4 percent week-over-week. The decrease in the number of applications comes as the 30-year fixed mortgage rate increased to 5.07 percent from 5.02 percent. The association’s refinance index also saw a drop of 16.8 percent from the previous week, including an adjustment for the holiday, while the percentage of refinance applications fell to 65 percent of the total number from 67.4 percent the previous week. Meanwhile, the percentage of adjustable-rate mortgages increased modestly to 6.4 percent from 6.2 percent. TRD