Highlights
Rock bottom rates continue to drive a rush for refinancing. MBA's refinance index jumped 14.5 percent as the average 30-year mortgage fell 7 basis points in the Oct. 30 week to 4.97 percent. The average 15-year mortgage fell 20 basis points to 4.33 percent. Refinancings are making up 66 percent of all mortgage applications. An increase in refinancing, and relief for debt strapped homeowners, is a major objective for policy makers. The purchase index, which measures applications for home purchases, slipped 1.8 percent, unfortunately pointing to weakness for sales of new and existing homes.