The recent drop in rates had driven up refinancing applications and is
finally giving a lift to purchase applications which rose 3.0 in the
October 31 week. Despite the rise, the year-on-year rate remains
depressed at minus 13 percent.
The volume of refinancing
applications shot up immediately as rates dropped and, after spiking
through much of October, fell back 6.0 percent in the latest week. Rates
moved up in the week, to 4.17 percent in the week for conforming loans
($417,000 or less) vs 4.13 percent in the prior week.
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