Last week, the number of mortgage applications decreased again, but the reductions were minor compared to the double-digit losses in all indexes on September 30. The Mortgage Bankers Association (MBA) reported that its Market Composite Index, a gauge of the volume of mortgage loan applications, fell 2.0 percent during the week ending October 7 on both a seasonally adjusted and unadjusted basis. The Refinance Index likewise decreased by 2.0 percent from the previous week. At 29.0 percent, the refinance portion of mortgage activity remained constant from last week. The unadjusted and adjusted Purchase Indices decreased by 2.0 percent weekly.
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