Storm Depresses Mortgage Applications

Washington, DC, Nov. 7, 2012 -- Mortgage application volume declined last week as Superstorm Sandy disrupted normal business activity, according to the Mortgage Bankers Association.

MBA said its index of mortgage application activity fell 5% in the week ended November 2.

The index of refinancing applications and its index for loan requests for home purchases both dropped about 5% as well.

The refinance share of total mortgage activity stayed at 80% of applications, and fixed 30-year mortgage rates averaged 3.61% in the week, down from 3.65% the week before.