Mortgage applications and refinance activity declined during the week ending Oct. 26, according to the Mortgage Bankers Association's (MBA) weekly mortgage applications survey.
The MBA's market composite index decreased 4.8% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the index decreased 5% compared with the previous week.Â
The refinance index decreased 6% from the previous week to the lowest level since the end of August. The refinance share of mortgage activity decreased to 80% of total applications from 81% the previous week.Â
The seasonally adjusted purchase index increased 1% from one week earlier. The unadjusted purchase index declined 0.3% compared with the previous week and was 6% higher than the same week one year ago.