Drop in Mortgage Applications Led by Purchases

The number of prospective home loan borrowers who submitted a new application fell last week, with applications from home buyers taking the biggest hit.

During the week ended Oct. 21, the volume of new U.S. retail residential mortgage applications declined a seasonally adjusted 4 percent from the prior week.

That was according to the Market Composite Index, which actually moved up 7 percent from a week earlier when no adjustments are made for seasonal factors.

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From:: Financing