Mortgage Application Volume at Three-Month Low

Mortgage applications declined by the largest margin in three months during the week ended October 1.

Both the seasonally adjusted and the unadjusted Purchase Indices dipped by 2 percent and volume was 13 percent lower than the same week one year ago.

"Mortgage applications to refinance dropped almost 10 percent last week to the lowest level in three

months, as the 30-year fixed rate increased to 3.14 percent - the highest since July.

The average rate for 30-year FRM backed by the FHA increased to 3.12 percent with 0.31 point from 3.09 percent 0.25 point.