Mortgage Purchase Rise, Refinancing Falls

Purchase applications rose 2.0 percent in the October 25 week to lift year-on-year growth 4 percentage points to a very healthy 10.0 percent. These results are favorable indications for October home sales. The refinance index edged 1 percent lower reflecting a move higher in the week for mortgage rates as 30-year conforming loans averaged 4.05 percent, up 3 basis points from the prior week.