November 8, 2012 (Chris Moore)

Mortgage applications declined again last week as Hurricane Sandy made a significant impact on application volume along the East Coast according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending November 2nd, 2012.

The Market Composite Index, a measure of mortgage loan application volume including purchase applications and refinance applications, fell for the fourth consecutive week declining a seasonally adjusted 5.0 percent from the previous week and follows a 4.8 percent decline the week before.

On an unadjusted basis, the Index decreased by five percent from the previous week and follows a similar five percent decline from the week before.

Purchase Applications:

The seasonally adjusted Purchase Index also fell by five percent from the previous week after declining by five percent the week before, while the unadjusted Purchase Index declined by seven percent over the previous week. The unadjusted Purchase Index was three percent lower than at the same time a year ago.

Refinance Applications:

The Refinance Index fell by five percent from the previous week after moving downward by five percent the week before. The refinance share of mortgage activity remained at 80 percent of total applications.

Mortgage Interest Rates:

The adjustable-rate mortgage (ARM) share of activity remained at about four percent of total applications.

Tags: MBA, home purchase applications, mortgage rates, fixed rate mortgage, adjustable rate mortgage, refinance, interest rate

Sources:
Mortgage Bankers Association