Mortgage Application Activity Slows Significantly

Posted To: MND NewsWire

Applications for mortgages plunged during the week ended June 23, even as interest rates remained relatively stable. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of application volume, fell 6.2 percent, on a seasonally adjusted basis, from the week ended June 16 and was down 7 percent without an adjustment. The decrease affected applications for both refinancing and for purchase , although refinancing took the larger hit. That index dropped by 9 percent and the refinance share of activity retreated a full percentage point to 45.6 percent. The Purchase index was down from the prior week by 4 percent when seasonally adjusted and 5 percent unadjusted. Compared to the same week in 2016, the unadjusted index maintained an 8 percent edge. Refi Index vs 30yr Fixed...(read more)

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from Mortgage News Daily http://ift.tt/2touS4B