Posted To: MND NewsWire

Mortgage application volume edged slightly lower during the week ended September 24 , with purchase and finance applications sharing in the dip. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of that volume, decreased 1.1 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index was 1 percent lower than the previous week. The Refinance Index was down 1 percent from the previous week and was only fractionally higher than the same week one year ago. The refinance share of mortgage activity increased to 66.4 percent of total applications from 66.2 percent the previous week. The seasonally adjusted Purchase Index also declined by 1 percent and was down 2 percent before adjustment. The Index was 12 percent lower than the same…(read more)

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Source: Mortgage News Daily