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Mortgage applications decreased 1.9% from one week earlier,\u00a0according to data from the Mortgage Bankers Association\u2019s (MBA). It’s an about-face from the week prior when home loans saw a 7.1% increase.<\/p>\n
Mortgage Applications Today New<\/strong> helps improve planning, consistency, and publishing quality when teams follow a repeatable workflow.<\/p>\n This comes as mortgage interest rates dipped to 6.17% for the week ending Oct. 30, according to Freddie Mac. That’s the fourth straight week of declines after the Federal Reserve cut interest rates for the second time this year.<\/p>\n The Market Composite Index, a measure of mortgage loan application volume, decreased 1.9% on a seasonally adjusted basis from one week earlier. <\/p>\n On an unadjusted basis, the Index decreased 3% compared with the previous week. The Refinance Index decreased 3% from the previous week and was 151% higher than the same week one year ago. <\/p>\n The seasonally adjusted Purchase Index decreased 1% from one week earlier. The unadjusted Purchase Index decreased 2% compared with the previous week and was 26% higher than the same week one year ago.<\/p>\n The refinance share of mortgage activity decreased to 57.0% of total applications from 57.1% the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 8.7% of total applications.<\/p>\n The FHA share of total applications decreased to 18.5% from 20.5% the week prior. The VA share of total applications increased to 14.9% from 13.4% the week prior. The USDA share of total applications increased to 0.3% from 0.2% the week prior.<\/p>\n \u201cMortgage rate movements were mixed last week as Treasury yields moved slightly higher following last week\u2019s FOMC meeting. The 30-year fixed rate was mostly unchanged at 6.31 percent and remained close to the lowest level in over a year,\u201d said Joel Kan<\/strong>, MBA\u2019s Vice President and Deputy Chief Economist.<\/p>\n “Despite a decline last week, refinance applications are still significantly higher than a year ago. The average loan size for refinance applications was at its highest level in six weeks, as borrowers with larger loans continued to seek ways to lower their monthly payments.”<\/p>\n