Mortgage Apps Post Another Listless Week

Posted To: MND NewsWire

Applications for both home purchase mortgages and refinancing declined last week, pulling overall volume lower for the second week in a row. The Mortgage Bankers Association (MBA) says that its Market Composite Index, a measure of application volume, was down 2.3 percent on a seasonally adjusted basis during the week ended August 25. The Index declined 4 percent on an unadjusted basis. The Refinance Index declined by 2 percent from the previous week although the refinancing share of all applications rose from 48.7 percent to 49.4 percent. The seasonally adjusted Purchase Index decreased 3.0 percent from one week earlier and fell by 5.0 percent on an unadjusted basis compared to the week ended August 19. Purchase volume has now declined in nine of the last 12 weeks. The unadjusted Purchase Index...(read more)

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