Investing.com - The number of mortgage application in the U.S. fell sharply last week, more than erasing the preceding week's strong jump, industry data showed on Wednesday.
In a report, the Mortgage Bankers Association said their mortgage market index, a measure of mortgage loan application volume, fell by a seasonally adjusted 27.6% in the week ending October 9 to 387.0.
That follows a jump of 25.5% to 534.2 in the preceding week.
"The prior week's results evidently pulled forward much of the volume that would have more naturally taken place into this week," said Michael Fratantoni, MBA's chief economist.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances held steady at 3.99%, unchanged from the prior week.
The survey covers over 75% of U.S. retail residential mortgage applications, according to MBA.