Mortgage application activity declined in the week ending October 16 in response to slightly higher mortgage rates. Also influencing the results were an adjustment for the Columbus Day holiday. According to the Mortgage Bankers Association (MBA), the seasonally adjusted Refi Index dropped 16.8% to around 2807, while the Purchase Index was down 7.6% to about 268.
As a percent of total application activity, refinancing share declined to 65% from 67.4% previously. ARM share was higher at 6.4% from 6.2%. The MBA also reported the average contract rate for 30-year fixed rate mortgages rose five basis points to 5.07%.