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MORTGAGE LOAN APPS SURGE 15.6 PERCENT
| The Market Composite Index of mortgage loan applications, a measure of mortgage loan applications for purchases and refinancings, increased by 15.6 percent to 817.3 on a seasonally adjusted basis for the week ending Oct. 3 from 707.2 one week earlier, according to a Mortgage Bankers Association of America (MBA) report released today. On an unadjusted basis, the Index increased by 15.7 percent for the week ending Oct. 3 compared with last week and was down 38.5 percent compared with the same week one year earlier. "Long-term interest rates fell during September and last week hit their lowest levels since mid-July. Borrowers obviously responded to mortgage rates that dropped below 6 percent with a 20 percent increase in refinance applications," said MBA Vice President of Research and Economics Jay Brinkmann. The refinance share of mortgage activity increased to 55.0 percent of total applications for the week ending Oct. 3 compared to 53.1 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 22.7 percent for the week ending Oct. 3 from 23.4 percent the previous week. |