Demand for purchase loans eases

Refinancings hold steady as rates rebound

Applications for mortgages fell a seasonally adjusted 1.8 percent for the week ending Oct. 9, due largely to a 5 percent drop in demand for purchase loans from the previous week, the Mortgage Bankers Association said in releasing the results of its Weekly Mortgage Applications Survey.

Looking back a year, applications for purchase loans were down 6.8 percent. Applications for refinancings were essentially flat from the previous week, declining by a seasonally adjusted 0.1 percent, the MBA said. Refinancings accounted for 67.4 percent of all mortgage applications, up from 66.3 percent the previous week.