WASHINGTON–Mortgage applications decreased 2.6% for the week ending Oct. 27 as compared to one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey.
On an unadjusted basis, the Index decreased 3% compared with the previous week, the MBA said, while the Refinance Index decreased 5% when compared to the previous week. The seasonally adjusted Purchase Index decreased 1% over the same time, while the unadjusted Purchase Index decreased 2% compared with the previous week, although it remained 10% above where it stood one year earlier.
In addition, the MBA reported the refinance share of mortgage activity decreased to 48.7% of total applications from 49.5% the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 6.8% of total applications.
The MBA said the FHA share of total applications was up 10.4% from 9.8% one week earlier, while the VA share of total applications decreased to 9.9% from 10.1% the week prior. The USDA share of total applications increased to 0.8% from 0.7% from the prior week.