Mortgage Purchase And Refinancing Applications Fall

Purchase applications for home mortgages fell a seasonally adjusted 0.4 percent in the October 28 week, following a sharp 7 percent decline in the prior week to the lowest level since January. Applications for refinancing were also off from the prior week, taking the Refinance Index down 2 percent. But despite the recent slowdown in buyer mortgage activity, purchase applications were still up a respectable 9 percent year-on-year. Interest rates rose only slightly but attained their highest level since June, extending the rebound from historical lows, with the average interest rate on 30-year fixed-rate conforming mortgages ($417,000 or less) up 4 basis points to 3.75 percent.