Mortgage applications decline

Mortgage applications declined 4.7% from the prior week for the week ended Oct. 3, though the volume of purchase applications rose 14% from a year earlier, according to the latest tracking by the Mortgage Bankers Association.

“With mortgage rates on fixed-rate loans little changed last week, refinance application activity generally declined,” said MBA Chief Economist Mike Fratantoni in a statement from the trade group. He noted, however, a modest increase for refinance applications in Federal Housing Administration loans.

Overall refinance applications declined 8% for the week but rose 18% from a year earlier. The banker group said refinance applications continued to comprise the bulk of application activity at 53.3%, down slightly from 55% in the prior week, as current holders of home loans seek to take advantage of mortgage rates that have recently been edging lower.