As expected, superstorm Sandy in the northeast contributed to a 5% decline in mortgage application activity in the week ending Nov. 2. The Refinance Index fell 5% to 4244.3, while the Purchase Index was down 4.8% to 176.4.
“Last week’s storm had a significant impact on application volumes on the East Coast,” said Mike Fratantoni, Mortgage Bankers Association’s (MBA) vice president of research and economics. “Applications fell more than 60% compared to the prior week in New Jersey, almost 50% in New York and nearly 40% in Connecticut. Other East Coast states also saw declines over the week, while many states in other parts of the country had increases in application volumes.”