Purchase Applications Gain Ground

Posted To: MND NewsWire

A second consecutive downturn in refinancing volume during the week ended September 22 offset one of the best weeks for purchase mortgage applications since mid-summer. As a result, the Market Composite Index, a measure of application volume, also posted a second week of losses. The Mortgage Bankers Association (MBA) said that index was down 0.5 percent from one week earlier and declined 1 percent on an unadjusted basis. According to the seasonally adjusted Purchase Index, purchase applications were up 3 percent from one week earlier and they increased 2 percent on the unadjusted index. The latter was 4 percent above its levels during the same week in 2016. Refinancing declined by 4 percent from the prior week and the share of applications that were for refinancing fell to 50.8 percent of total...(read more)

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