Demand for mortgages cools

Applications for refinancings off 16%

Demand for mortgages fell a seasonally adjusted 12.3 percent during the week ending Oct. 23, driven largely by a 16.2 percent drop in applications for refinancings from the previous week, according to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey.

Applications for purchase loans were down a seasonally adjusted 5.2 percent from a week earlier, and 15.4 percent from a year ago.