Industry News

Mortgage loan applications, interest rates fall

Proportion of ARM loans, refi's grows

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Mortgage loan applications for the week ending Nov. 16 fell 3.6 percent on a seasonally adjusted basis from a week earlier, with refinance and adjustable-rate mortgages accounting for a larger share of applications than the week before, the Mortgage Bankers Association reports. The MBA's Market Composite Index, a measure of mortgage loan application volume, was 681.7, a decrease of 3.6 percent on a seasonally adjusted basis from 707.3 one week earlier. On an unadjusted basis, the index decreased 5.2 percent compared with the previous week and was up 9.8 percent compared with the same week one year earlier. The Refinance Index decreased 5 percent to 2,199.9 from 2,315.7 the previous week and the seasonally adjusted Purchase Index decreased 2 percent to 424.1 from 432.6 one week earlier.  The refinance share of mortgage activity increased to 50.3 percent of total applications from 50.2 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 15.8...