NEW YORK – Mortgage loan application volume slumped 10.5% in the week ended October 15, according to the Mortgage Bankers Association Weekly Mortgage Applications Survey released Wednesday.
The refinance index plunged 11.25, the seasonally adjusted purchase index fell 6.7%. The unadjusted purchase index decreased 6.6% from the previous week and dropped 29.4% from the same week one year ago.
The seasonally adjusted market index four-week moving average rose 0.4 percent%, while the four-week purchase index moving average fell 1.1% and the refinance index gained 0.7%.
Refinancings accounted for 82.4% of volume, down from 83.1% the previous week, while adjustable-rate mortgages (ARM) were 5.8% of application, up from 5.4% a week before.
The average interest rate for 30-year fixed-rate mortgages rose to 4.34% from 4.21%, 15-year fixed-rate mortgages increased to 3.74% from 3.62%.
