Mortgage Apps Sideways as Purchases Offset Refi Drop

Posted To: MND NewsWire

Mortgage activity during the week ended March 25 more or less marked time. Rates were mixed and purchase loans, which increased slightly , offset refinance applications for a slight decrease in mortgage volume. The Mortgage Bankers Association's (MBA's) Market Composite Index, a measure of loan application volume dipped 1 percent on both a seasonally adjusted and an adjusted basis compared to the week ended March 18. MBA's Refinance Index provided the downside for the week, decreasing 3 percent from the week before. The Purchase Index increased 2 percent on a seasonally adjusted basis and 3 percent unadjusted. The Purchase Index was up 21 percent compared to the same week a year earlier but the year-over-year number had been up 33 percent two weeks earlier. Refi Index vs 30yr Fixed Purchase...(read more)

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