Mortgage application volume slowed during the week ending October 9 as mortgage rates finally reversed course, according to the Mortgage Bankers Association.
The MBA’s home loan application index was down 1.8 percent on a seasonally adjusted basis (-1.7% unadjusted) compared to one week earlier (the MBA forgot to add the year-over-year stats).
The refinance index slipped just 0.1 percent from a week earlier, while purchase activity decreased five percent and was off 6.8 percent compared to a year ago (looks like it could be a rough fall/winter).
That pushed the refinance share of mortgage activity to 67.4 percent of total apps, up from 66.3 percent the previous week.
Mortgage rates, which had been treading near record lows and destined for new ones, finally surged higher during the week.
The benchmark 30-year fixed climbed to 5.02 percent from 4.89 percent, while the 15-year fixed averaged 4.44 percent, up from 4.32 percent.
The one-year adjustable-rate mortgage continues to be the most unattractive mortgage out there, averaging 6.71 percent, up from 6.56 percent and nearing the seven percent range.
The MBA’s survey, covered since 1990, covers more than half of retail residential loan applications, but does not factor out declined or multiple apps.
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