Highlights
A big drop in mortgage rates didn't do much to help mortgage applications which plunged in the Oct. 17 week. Purchase applications fell 11 percent to a severely weak index level of 279.3. The refinance index fell 24 percent to 1,158.8. The average rate for 30-year mortages came down nearly 20 basis points to 6.28 percent, perhaps pointing ahead at less weakness for applications. Recent data on the housing sector have been very disappointing for the most part. Last week's housing starts data and home builders index showed startling weakness though pending home sales the week before were a positive.