Mortgage Applications Rebound

Washington, DC, Oct. 26, 2011 -- Mortgage application volume rose last week, offsetting some of the steep decline a week before, according to the Mortgage Bankers Association.

MBA said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, rose 4.9% in the week ended Oct 21.

The index fell nearly 15% the week before.

The MBA's index of refinancing applications gained 4.4%, while the index for purchase applications was up 6.4%.

The refinance share of total mortgage activity edged down to 77.3% of applications from 77.6%. Fixed 30-year mortgage rates averaged 4.33%, unchanged from the previous week.