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Mortgage Applications Dip But Purchase Activity Spikes

Mortgage application volume is slipping once again, however, purchase volume seems to be growing, according to a recent report.

"The MBA's Weekly Mortgage Applications Survey for the week ending Oct. 12 found that activity fell by 7.1% from the previous week," according to National Mortgage News.

"This week's results did not include adjustment for the Columbus Day holiday."

According to an MBA infographic, refinance shares are at 38%, while purchase share is at 62%. Meanwhile, the report also revealed that treasury rates ticked upwards with mortgage rates trending up as well.

"Mortgage applications were likely impacted by both the Columbus Day holiday and the increase in rates, as we saw declines in both purchase and refinance activity," said Joel Kan, the MBA's associate vice president of industry surveys and forecasts, according to NMN.

"However, it's important to note that purchase activity remained 2.5% higher than a year ago, which is in line with our forecast for gradual gains in purchase activity this year."

To learn more about the new trend in mortgage application volume and purchase volume, click on the image above.

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