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WASHINGTON, DC-Results of the MBA’s weekly mortgage-application survey for the week ended October 12 show that the composite index increased from the previous week’s 860.1% to 1015.4. That’s a spike of 18.1% on a seasonally adjusted basis. On an unadjusted basis, the application index increased 6.5% and was up 297.8% percent compared with the same week a year earlier.

Refinancing activity represented 76.5% of total applications, increasing from 73.8%. Last week, both the seasonally adjusted market composite and the refinance indexes reached their highest levels since the Weekly Applications Survey was started in January 1990.

Adjustable-rate-mortgage activity increased to 9.6% from 9.1% the previous week. The average contract interest rate for 30-year, fixed-rate mortgages was 6.61%, increasing from 6.49% the previous week, with points decreasing to 1.18 including the origination fee for 80% loan-to-value ratio loans.

The survey, which has been conducted since 1990, covers about 40% of all US retail residential mortgage originations.

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