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MORTGAGE LOAN APPS INCREASE 5.5 PERCENT
| The Market Composite Index of mortgage loan applications, a measure of mortgage loan applications for purchases and refinancings, increased by 5.5 percent to 685.2 on a seasonally adjusted basis for the week ending Oct. 31 from 649.6 one week earlier, according to the most recent report by the Mortgage Bankers Association of America (MBA). On an unadjusted basis, the Index increased by 4.7 percent for the week ending Oct. 31 compared to the previous week and was down 34.3 percent for the week ending Oct. 31 compared with the same week one year earlier. The refinance share of mortgage activity decreased to 51.1 percent of total applications for the week ending Oct. 31 compared to 53.3 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 25.4 percent for the week ending Oct. 31 from 26.5 percent the previous week, according to the report |