Even With Lower Rates, Mortgage Applications Drop 9.8%

Posted To: MND NewsWire

The Mortgage Bankers Association (MBA) office was closed during Christmas Week and did not issue its usual summary of mortgage application activity for the week ended December 21. Its report for the week ended December 28 therefore covers changes to its volume indices since December 14. These changes include adjustments to account for the Christmas holiday. MBA's Market Composite Index, a measure of total loan application volume, decreased 9.8 percent on a seasonally adjusted basis from two weeks earlier and was 46 percent lower on an unadjusted basis. The Refinancing Index declined by 12 percent and the seasonally adjusted Purchase Index was down 8 percent. On an unadjusted basis the Purchase Index lost 46 percent week-over-week and was 6 percent lower than during the same week in 2017. Refi...(read more)

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from Mortgage News Daily http://bit.ly/2s7sVH5