By Jann Swanson | Mortgage News Daily
Mortgage applications dropped to their lowest levels since last spring during the week ended October 28. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of application volume, decreased 1.2 percent on a seasonally unadjusted basis, falling back to May 2015 levels. On an unadjusted basis the index was down 2 percent.
Although the share of refinancing applications remained the same as during the week ended October 21, 62.7 percent, the Refinance Index lost 2.0 percent. The seasonally adjusted Purchase Index decreased 0.4 percent from one week earlier and declined 2 percent unadjusted. The unadjusted Purchase Index was up 9 percent compared to the same week in 2015.
