Highlights
Data from the Mortgage Bankers' Association shows continued slowing in mortgage applications with the index for purchase applications down slightly in the Oct. 26 week to 412.9 with the four-week average a bit higher at 419.5. Lower loan rates have yet to turn purchase applications higher but refinancing applications are rising fast with the index up 9.2 percent in the week to 2,249.0. Refinancings are making up 49.6 percent of all applications, up from 47.0 percent in the prior week. Rates for the average 30-year fixed mortgage fell 6 basis points to 6.15 percent, with the 15-year fixed rate down 9 basis points to 5.79 percent and 1-year adjustables down 17 basis points to 5.93 percent.