Refi Demand Won't Reflect Rate Drop Until Next Week

Posted To: MND NewsWire

Mortgage application activity was down across the board during the week ended June 24. The Mortgage Bankers Association (MBA) reports that its Market Composite Index, a measure of application volume, dropped by 2.6 percent on a seasonally adjusted basis from the week ended June 17. On an unadjusted basis the loss was 3 percent. The decline was shared about equally by refinancing and purchase applications. The Refinance Index lost 2 percent from its level a week earlier. The seasonally adjusted Purchase Index was down 3 percent and the unadjusted Purchase Index fell 4 percent. Unadjusted purchase applications were 13 percent higher than during the same week in 2015. "Keep in mind that MBA's numbers may come out on the Wednesday of any given week, but that they refer to Mon-Fri of the PREVIOUS...(read more)

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from Mortgage News Daily http://ift.tt/28ZV1I1