As expected, mortgage application activity was lower in response to mortgage rate levels above 5%. 

For the week ending Oct. 23, the Mortgage Bankers Association (MBA) reported the Refinance Index fell 16.2% to about 2353, while the Purchase Index slipped 5% to 255. After reaching a recent high of 3377 for the week ending Oct. 2 as mortgage rates fell into the high 4.80s, the Refinance Index has dropped over 30%. 

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