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Mortgage applications fall

Mortgage applications declined in the Mortgage Bankers Association’s (MBA) latest weekly survey as refinances tailed off with higher rates.

For the week ending Oct. 7, MBA’s index tracking overall applications fell 6 percent on an adjusted basis. The refinance index declined by 8 percent, a low since June. Purchase applications also fell 2 percent for the week, but that index remains 27 percent higher than a year ago.

The refinance share of applications decreased 1.4 percentage points to 62.4 percent.

"As incoming economic data reassured investors regarding U.S. growth and financial markets returned to viewing a December Fed hike as increasingly likely, mortgage rates rose to their highest level in a month last week," MBA Chief Economist Mike Fratantoni said. "Mortgage rates remain quite low by historical standards, but even a modest increase like last week's is sufficient to significantly reduce refinance application volume," he continued. 


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