Mortgage Apps Decline as Rates Remain Elevated

Posted To: MND NewsWire

Mortgage applications were a bit of a mixed bag during the week ended November 20, a week in a hammock strung between two holidays. The Mortgage Bankers Association said its Market Composite Index, a measure of application activity, was down by 3.2 percent on a seasonally adjusted basis from the previous week but increased by 6 percent on an unadjusted basis. The data from the week ended on November 13 had included an adjustment for that week's Veterans' Day holiday. The Refinance Index decreased 5 percent from the previous week and the refinance share of all mortgage applications increased very slightly, from 58.6 percent to 58.7 percent. The seasonally adjusted Purchase Index dipped 1 percent from the previous week but rose 5 percent on an unadjusted basis. Compared to the same week in 2014...(read more)

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from Mortgage News Daily http://ift.tt/1Xf04Mn