The Market Composite Index of mortgage loan applications, a measure of mortgage loan applications, stood at 709.9 for the week ending Oct. 15, an increase of 7.9 percent on a seasonally adjusted basis from 658.2 one week earlier, according to a report released today by the Mortgage Bankers Association (MBA). On an unadjusted basis, the Index decreased 2.8 percent for the week ending Oct. 15 compared with the previous week but was up 8.4 percent compared with the same week one year earlier.
The refinance share of mortgage activity increased to 45.6 percent of total applications for the week ending Oct. 15 from 44.5 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 34.8 percent of total applications for the week ending Oct. 15 from 34.9 percent the previous week, according to the report.
Posted by gandlwoods at October 23, 2004 07:57 AM