U.S. mortgage applications last week continued to fall as Tropical Storm Sandy hit the East Coast, said the latest Weekly Mortgage Applications Survey released Wednesday by the U.S. Mortgage Bankers Association (MBA).
The association said the Market Composite Index of U.S. mortgage applications, a measure of mortgage loan application volume, decreased 5 percent in the week ending Nov. 2 on a seasonally adjusted basis from the previous week.
The Refinance Index dropped 5 percent from the previous week for five straight weeks, hitting the lowest level since the end of August, with its share of mortgage activity at 80 percent of total applications. The seasonally adjusted Purchase Index fell 5 percent from a week earlier.
The average contract interest rate for 30-year loans decreased to 3.37 percent from 3.41 percent a week earlier, while the interest rate for 15-year loans remained unchanged at 2.95 percent.
With constant improvement this year, the U.S. housing crash is said to have reached the bottom. However, many economists say the market still needs years to recover entirely as the bottom will be prolonged.
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