Mortgage Purchase And Refinancing Applications Fall

Purchase applications for home mortgages fell a seasonally adjusted 7 percent in the October 21 week to the lowest level since January. The Mortgage Bankers Association's purchase index was still up considerably year-on-year, however, standing 9 percent higher. Applications for refinancing fell 2 percent from the previous week to the lowest level since June. Mortgage rates decreased slightly, with the average interest rate on 30-year fixed-rate conforming mortgages ($417,000 or less) dropping 2 basis points to 3.71 percent.