Mortgage applications dropped again this week, falling 2.6% from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending October 31, 2014.
The Market Composite Index, a measure of mortgage loan application volume, decreased 2.6% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 3% compared with the previous week.
The Refinance Index decreased 6% from the previous week. The seasonally adjusted Purchase Index increased 3% from one week earlier. The unadjusted Purchase Index increased 1% compared with the previous week and was 13% lower than the same week one year ago.
The refinance share of mortgage activity decreased to 63% of total applications from 65% the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 7.4% of total applications.
The FHA share of total applications increased to 9.5% this week from 8.9% last week. The VA share of total applications remained unchanged at 10.7% this week and the USDA share of total applications remained unchanged at 0.9% this week.