By Jann Swanson | Mortgage News Daily
Declining rates, an impending hurricane, the Blood Moon – who knows what was behind – it but mortgage application volume went a little crazy last week. The Mortgage Bankers Association said its Market Composite Index and all of its components shot through the roof during the week ended October 2. MBA’s Weekly Mortgage Applications Survey data had the seasonally adjusted composite index up 25.5 percent from the previous week while on an unadjusted basis it rose 26 percent.
The unusual movement was across the board with the Refinancing Index rising 24 percent from the week ended September 25 and the seasonally adjusted Purchase Index up 27 percent. The unadjusted Purchase Index was also 27 percent higher week-over-week and 49 percent above the level during the same week in 2014. The refinance share of mortgage activity decreased to 57.4 percent of total applications from 58.0 percent the previous week.
