Despite mortgage rates at their lowest since the 1940s, "potential borrowers largely remained on the sidelines," said Mike Fratantoni, Mortgage Banker's Association's vice president of research and economics. 

For the week ending September 30, the Purchase Index slipped 0.8% to ~175. Meanwhile, the Refi Index fell 5.2% to ~4020 and as a percent of total applications, refi share declined to 79.1% from 79.7%. Overall, application activity was down 4.3%.

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