New residential loan applications grew fractionally for the week ending October 28, despite continued rock bottom interest rates, according to figures compiled by the Mortgage Bankers Association.
Based on its weekly survey of members, the trade group's application index inched up just 0.2% from the prior week.
The refinance share of conventional applications decreased to 83.8% of new business, from 84.1% the previous week.
The refinance share of FHA/VA loans increased to 49.4% from 48.6%.
By region, the Pacific area experienced the largest gain in total applications, rising 7.5%. The East North Central region of the U.S. led in refi growth with applications up 8.6%.
MBA reported that Vermont had the largest increase in refinance applications in September, but also the largest decrease in purchase business. Conversely, Wyoming had the largest increase in purchase apps, but the largest decrease in refis.
