Mortgage applications declined by the largest margin in three months during the week ended October 1. The Mortgage Bankers Association said its Market Composite Index, a measure of mortgage application volume, decreased 6.9 percent on a seasonally adjusted basis from one week earlier. It was the biggest decline since an identical loss during the week ended June 25. On an unadjusted basis, the Index was down 7 percent compared with the previous week. The Refinance Index accounted for the loss, dropping 10 percent compared to the previous week and was 16 percent lower than the same week one year ago. The refinance share of mortgage activity decreased to 64.5 percent of total applications from 66.4 percent the previous week. Purchasing was also down, but to a much lower extent . Both the seasonally
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