Posted To: MND NewsWire
Interest rates reversed direction during the week ended July 15, ending, whether temporarily or not, several weeks of declines. In response, applications for most mortgage products decreased on a seasonally adjusted basis. The Mortgage Bankers Association (MBA) said that its Market Composite Index, a measure of loan application volume, eased back 1.3 percent from the previous week on a seasonally adjusted basis. On an unadjusted basis applications rose 24 percent from the week ended July 8 and with data adjusted to account for the occurrence of the July 4 holiday. The Refinance Index, which had been driven higher by double digits in each of the previous two weeks by declining interest rates, fell back by 1 percent but the refinance share of applications still increased, rising to 64.2 percent...(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/29V1bwM
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