Industry NewsMortgage

Mortgage applications off 20%

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Mortgage applications for the week ending Oct. 31 fell a seasonally adjusted 20.3 percent from the previous week and were off 43.4 percent from the same time a year ago, the Mortgage Bankers Association said today. The MBA's Weekly Mortgage Applications Survey showed applications for refinance loans taking the biggest hit, falling 27.8 percent from a week ago. Applications for conventional purchase loans fell a more modest 14.4 percent, while applications for government purchase loans (largely FHA) were down 12.8 percent. The refinance share of mortgage applications fell to 42.9 percent, down from 46.9 percent a week ago. The percentage of applications that were for adjustable-rate mortgage (ARM) loans rose to 2.5 percent, compared with 1.9 percent a week ago. The average contract interest rate for 30-year fixed-rate mortgages increased to 6.47 percent from 6.26 percent, with points including the origination fee increasing to 1.19 from 1.1 for 80 percent loan-to-value (LTV...