Demand for mortgages decreased for the second straight week as mortgage rates climbed higher, according to the Mortgage Bankers Association.
Mortgage application volume fell 13.7 percent on a seasonally adjusted basis (-22.4 percent unadjusted) for the week ending October 16 compared to one week earlier.
The refinance index fell 16.8 percent from the previous week, while purchase activity was off 7.6 percent.
The unadjusted purchase index dropped 16.7 percent compared with the previous week, and was off 3.4 percent compared with the same week last year.
The refinance share of mortgage activity slipped to 65 percent of total applications from 67.4 percent a week earlier.
Meanwhile, the 30-year fixed climbed to 5.07 percent from 5.02 percent, while the 15-year fixed averaged 4.51 percent, up from 4.44 percent a week earlier.
The one-year adjustable-rate mortgage rose 15 basis points to 6.86 percent, yet the ARM-share of applications still managed to increase, rising from 6.2 percent to 6.4 percent of all activity.
The MBA’s weekly survey covers more than half of all retail, residential mortgage applications, but does not factor out duplicate or declined apps, which have surely risen over the last year.
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