Not much to love in the latest mortgage application numbers. The composite mortgage application index fell 5.0 percent for the week ending October 29, according to the Mortgage Bankers Association.
The purchase component of the index rose 1.4 percent on a seasonally adjusted basis while refinance-related applications dropped 6.4 percent from the previous week.
The overall decline in loan applications indicate that the normally active fall season has experienced a slowdown due to ongoing troubles with the economy. It's basic math: People who are unemployed or worried about losing their jobs are unlikely to initiate the home-buying or refinance process.
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