Mortgage Purchase Applications Fall, Refinancing Jumps

Purchase applications fell back 1.0 percent in the October 4 week though year-on-year growth of 10.0 percent remains favorable and offers a positive indication for underlying home sales. Rates moved sharply lower in the week, down 9 basis points to an average of 3.90 percent for conventional 30-year loans which helped give a 10.0 percent weekly boost to refinancing applications.