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.

The average contract interest rate for 30-year fixed-rate mortgages decreased to 6.28 percent from 6.47 percent, with points including the origination fee decreasing to 1.09 from 1.14 for 80 percent loan-to-value (LTV) ratio loans.

The average contract interest rate for 15-year fixed-rate mortgages decreased to 6.05 percent from 6.17 percent, with points decreasing to 1.11 from 1.18

The average contract interest rate for one-year ARMs increased to 6.97 percent from 6.67 percent, with points decreasing to 0.4 from 0.43 for 80 percent LTV loans.

***

What’s your opinion? Leave your comments below or send a letter to the editor.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Success!
Thank you for subscribing to Morning Headlines.
Back to top
New January Connect speakers added: M. Ryan Gorman, Josh Team, Glenn Kelman and more.SEE THE SPEAKERS×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription