Declining Purchases Lead Mortgage Apps Lower

Posted To: MND NewsWire

Mortgage applications declined on a seasonally adjusted basis during the week ended October 21 compared to the week ended October 14. The results for the earlier week included an adjustment to account for the Columbus Day holiday. The Mortgage Bankers Association (MBA) said its Market Composite Index was down 4.1 percent during the past week. On a non-seasonally adjusted basis the index rose 7.0 percent. Applications for refinancing had a 62.7 percent share of the total, up from 61.5 percent but the Refinance Index decreased 2 percent to its lowest level since June 2016. The seasonally adjusted Purchase Index dropped 7 percent to its lowest level since January 2016. The unadjusted Purchase Index was 3 percent higher than a week earlier and 9 percent above the level of the same week in 2015...(read more)

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