Mortgage
rates are falling fast and are giving a sharp lift to mortgage banking
activity. The composite index surged 11.6 percent in the October 17 week
to top an already sharp 5.6 percent rise in the prior week.
The Mortgage Bankers' Association compiles various mortgage loan
indexes. The purchase applications index measures applications at
mortgage lenders. This is a leading indicator for single-family home
sales and housing construction
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