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MBA: Applications fall on higher rates

Mortgage applications fell steeply last week as the key 30-year fixed rate topped the 5 percent threshold, the Mortgage Bankers Association reported.

For the week ending Oct. 12, MBA’s adjusted composite applications index decreased by 7.1 percent. The refinance index dropped 9 percent from the prior week, and the adjusted purchase index was down by 6 percent.

The refinance share of applications declined by 0.9 percent from the prior week to 38.1 percent.

The results, however, weren’t adjusted for the Columbus Day holiday.

 "Mortgage applications were likely impacted by both the Columbus Day holiday and the increase in rates, as we saw declines in both purchase and refinance activity,” said Joel Kan, MBA association vice president of industry services.

“However, it's important to note that purchase activity remained 2.5 percent higher than a year ago, which is in line with our forecast for gradual gains in purchase activity this year," Kan said.


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