Refinance apps increased 9% from the previous week and purchase apps inched up 2% from one week earlier. Purchase apps are only slightly lower than they were a year ago.
Sixty-seven percent of total applications are for refinances. This is the highest share since June 2013 and up from 65% the previous week. The adjustable-rate mortgage share of activity decreased to 7% of total applications.
Rates during the week ending Oct. 25 dropped to lows last seen in June.