Industry NewsMortgage

Mortgage apps fall nearly 17%

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Mortgage loan applications during the week ending Oct. 17 fell a seasonally adjusted 16.6 percent from a week earlier, even as interest rates on fixed-rate loans came down some from recent highs, the Mortgage Bankers Association said. The MBA's Weekly Applications Survey -- which included an adjustment to account for the Columbus Day Holiday -- was down 44 percent from the same week a year ago. Applications for refinancings fell 23.5 percent from the previous week, while purchase loan applications were off 10.9 percent from week-to-week. Applications for government backed purchase loans -- largely FHA -- was off 11.9 percent, while applications for conventional purchase loans fell 10.5 percent from a week ago. Applications for refinancings accounted for 42.6 percent of total applications, down from 46.4 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 2.7 percent from 2.6 percent of total applications from the previous week. ...