Tracking the residential mortgage applications through a composite index and covering some 75 percent of all residential applications, the Mortgage Bankers Association (MBA) says new mortgage apps fell five percent for the week ending Oct. 26 on the heels of falling 12 percent and four percent the two previous weeks, respectively. Refinancing applications fell one point to 80 percent from last week of all new business. The average 30-year fixed rate mortgage (FRM) last week stood at 3.65 percent, .02 percentage points higher than the previous week, as nationalmortgagenews tells MHProNews.

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