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MBA: US mortgage applications post 1st rise in 5 weeks

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MBA: US mortgage applications post 1st rise in 5 weeks

U.S. mortgage applications rose by 3.6% on a seasonally adjusted basis in the week ended Oct. 13, the first increase in mortgage applications in five weeks, the Mortgage Bankers Association said.

On an unadjusted basis, the market composite index decreased by 7% compared to the previous week.

The refinance index rose by 3% from the previous week. The seasonally adjusted purchase index rose by 4% while the unadjusted purchase index dropped by 6% compared to the previous week.

The refinance share of mortgage activity declined to 48.6% of total applications from 49.0% the previous week, according to the latest weekly report of the MBA.