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Daily market update: Oct. 28, 2015

Our daily summary of market news, updated regularly with new tidbits

We'll add more market news briefs throughout the day. Check back to read the latest. Mortgage Bankers Association's Weekly Applications Survey: The Market Composite Index decreased 3.5 percent week-over-week. The refinance share of mortgage activity remained unchanged at 59.5 percent. The average contract interest rate for a 30-year fixed-rate mortgage increased to 3.98 percent from 3.95 percent week-over-week. First American's September 2015 Loan Application Defect Index: The rate of incidence of loan application defaults fell 1.2 percent month-over-month in September 2015. The index fell 9 percent year-over-year. The defect index for refinance transactions declined 1.4 percent month-over-month and 10 percent year-over-year. CoreLogic's Mortgage Fraud Trends Report: Mortgage application fraud risk nationwide decreased 8.9 percent year-over-year. Louisiana, however, saw a 17.1 percent increase in mortgage fraud risk. Identity application fraud risk decr...