Purchase Apps Surge, Driven by Jumbos

Posted To: MND NewsWire

Purchase mortgage application activity picked up significantly during the week ended November 18. The Mortgage Bankers Association said its Market Composite Index, a measure of application volume, increased 5.5 percent on a seasonally adjusted basis from the week ended November 11 and was up 3.0 percent on an unadjusted basis. The Refinance Index lost 3 percent from its level the previous week dropping to its lowest level since January. The share of applications that were for refinancing also fell, from 61.9 percent a week earlier to 58.2 percent, the lowest level since the week ended June 24, the week of the Brexit vote. The decline in refinancing was more than offset by purchase activity. The Purchase Index jumped 19 percent on a seasonally adjusted basis and 13 percent unadjusted. The unadjusted...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

from Mortgage News Daily http://ift.tt/2gklupA