Mortgage applications fell 5% last week

Also today is the QE2 announcement and could have an impact on mortgage rates.

The Mortgage Bankers Association said its market composite index declined 5% for the week ended Oct. 29 hampered by a 6.4% drop in refinancings. Purchase applications rose 1.4% for the week. The MBA said the unadjusted purchase index increased 0.2% last week and is now 28% below the year ago.

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