Mortgage Applications Muted Despite Rate Rally

Posted To: MND NewsWire

The Mortgage Bankers Association (MBA) reported hardly a ripple in the mortgage market during the week ended September 23. Its Market Composite Index, a measure of mortgage loan application volume, dipped 0.7 percent on a seasonally adjusted basis from one week earlier and decreased 1 percent when seasonally adjusted compared to the week ended September 16. The volume of refinance applications measured by MBA's Refinance Index eased by 2 percent and refinancing as a share of all activity decreased to 62.7 percent from 63.1 percent the previous week. The seasonally adjusted Purchase Index increased 1 percent week-over-week while the unadjusted Purchase Index was unchanged. The unadjusted index was 10 percent higher than the same week one year ago. Refi Index vs 30yr Fixed Purchase Index vs 30yr...(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/2d6rPqX