Mortgage Purchase And Refinancing Applications Fall

Purchase applications for home mortgages fell a seasonally adjusted 1 percent in the October 5 week, taking the year-on-year unadjusted gain down 1 percentage point to 2 percent. Applications for refinancing decreased by 3 percent from the prior week, with the refinancing share of mortgage activity falling 0.4 percentage points to 39.0 percent. The average interest rate on 30-year fixed rate conforming mortgages ($453,100 or less) rose 9 basis points from the prior week to 5.05 percent, the highest level since February 2011.