Mortgage applications fell 5% last week
Mortgage applications fell once again last week as refinancing demand continues to wane despite interest rates at generational lows. The Mortgage Bankers Association said its market composite index declined 5% for the week ended Oct. 29 hampered by a 6.4% drop in refinancings. Purchase applications rose 1.4% for the week. The MBA said the unadjusted purchase index increased 0.2% last week and is now 28% below the year ago. In four-week moving averages, the seasonally adjusted market index is up 0.1%, the purchase index is down 2.7% and the refinance index is up 0.8%. Refinancings accounted for 81.3% of all mortgage applications last week, down from 82.3% the week earlier. The MBA said the average interest rate for 30-year, fixed mortgages moved away from record lows last week after dropping the week earlier. The average rate for the 30-year increased to 4.28% from 4.25%. Meanwhile the average rate for a 15-year, fixed mortgage fell again to 3.64% from 3.67%. Write to Jason Philyaw.