US MBA mortgage applications w.e. 25 October -0.1% vs -6.7% prior

• Prior -6.7%
• Market index 214.5 vs 214.8 prior
• Purchase index 137.8 vs 131.3 prior
• Refinancing index 630.0 vs 672.6 prior
• 30-year mortgage rate 6.73% vs 6.52% prior

After a sharp fall in mortgage applications in the previous two weeks, the latest reading is little changed but it’s important to look at the details. Refinancing activity took yet another sharp plunge as higher rates once again weighed on that particular component. The drop was only offset by a modest jump in purchases activity in the past week. The refinancing index is now at the lowest since the end of July.

This article was written by Justin Low at www.forexlive.com.