For the week ending in October 24 mortgage applications were up from the previous week but down compared to the same week last year, Inman News reported yesterday. The fact that they are down from last year is really no surprise considering sluggish homes sales, but that they are up from week to week is a good sign considering the recent panic – which, if you ask me, is being exacerbated by exaggerated reports in the media.

Applications for FHA Loans rose just over 10% which is downright amazing for those of us who remember the days when FHA applications were few and far between. Here’s an interesting tidbit:

Applications for refinancings accounted for 46.9 percent of total applications, up from 42.6 percent the previous week. The adjustable-rate mortgage (ARM) share of total applications decreased to 1.9 percent, down from 2.7 percent the previous week.

Those numbers certainly speak for themselves!

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