Mortgage Apps: Still Much More Refi Demand Than 2 Weeks Ago

Mortgage application numbers during the week ended
October 24 backed off a bit from the numbers posted during the week ended
October 17 but were still elevated compared to other recent weeks.  The Mortgage Bankers Association’s (MBA’s) Weekly
Mortgage Applications Survey for last week reported almost entirely declining
numbers but for context we will include the increases from the previous week in
which there was unusually high refinancing volume.

MBA’s Market Composite Index, a measure of mortgage
loan application volume fell 6.6 percent on a seasonally adjusted basis from
the previous week when it had posted an 11.6 percent increase.   On an unadjusted basis the Index was down 7
percent following a 12 percent gain.


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