Higher Rates Hit Mortgage Apps After Last Week's Epic Run

Posted To: MND NewsWire

The rally in mortgage application volume that sent several of the Mortgage Bankers Association's (MBA's) metrics to recent highs at the end of March faded last week as interest rates reversed course. The unexpected boom in refinancing ratcheted down, and purchase applications returned to more modest gains. MBA said its Market Composite Index, a measure of loan application volume, declined by 5.6 percent on a seasonally adjusted basis during the week ended April 5, erasing the about a third of the previous week's gains. The index was down 5 percent on an unadjusted basis. The Refinance Index, which had risen a nearly unprecedented 39 percent the prior week, pulled back by 11 percent and the share of total applications that were for refinancing declined to 44.1 percent from 47.4 percent the week...(read more)

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from Mortgage News Daily http://bit.ly/2P20ipg