Mortgage applications continue to decrease

The number of filed mortgage loan applications decreased for the week ending Oct. 23, by 12.3 percent, according to the Mortgage Bankers Association’s weekly applications survey. The association’s refinance index also saw a drop of 16.2 percent week-over-week, while the percentage of refinance applications fell to 62.3 percent of the total number from 65 percent the previous week. Meanwhile, the average 30-year fixed mortgage rate increased to 5.07 percent from 5.04 percent and one-year adjustable-rate mortgages, or ARMs, decreased to 6.79 percent from 6.86 percent. TRD