Daily market update: Oct. 28, 2015

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

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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...