WASHINGTON -- The Mortgage Bankers Association in Washington said Wednesday mortgage loan application eased during the latest reporting week.
The MBA said during the week ending Oct. 22 its market composite index of mortgage loan applications -- a measure of mortgage loan applications -- eased 0.8 percent to 703.9 on a seasonally adjusted basis from 709.9 a week earlier.
The MBA indexes reflect the increase from the base of 100 set in March 1990 and cover about half of all mortgage originations.
The MBA's seasonally adjusted purchase index declined 4.4 percent to 440.9 from 461.4 a week ago and the seasonally adjusted refinance index increased 3.6 percent to 2,233.8 from 2,155.2 a week earlier.
Other seasonally adjusted index activity included the conventional index, which increased 0.1 percent to 1,050.4 from 1,049.7 while the government index declined 11.8 percent to 125.9 from 142.8.
The group said the refinance share of mortgage activity increased to 47.7 percent of total applications from 45.6 percent the previous week. The adjustable-rate mortgage share of activity increased to 34.9 percent of total applications from 34.8 percent the previous week.
