Fewer mortgate applications but more ARMs. This housing bubble is determined to live on until the bitter bitter end.
The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending October 8. The Market Composite Index of mortgage loan applications . . . decreased 9.2 percent compared with last week . . .
The MBA seasonally adjusted Purchase Index decreased by 4.9 percent . . .
The seasonally adjusted Refinance Index decreased by 14.2 percent . . .
The adjustable-rate mortgage (ARM) share of activity increased to 34.9 percent of total applications from 33.9 percent the previous week.