The level of risk on overall applications for residential loans moved higher for the third consecutive month and could rise even further as adjustable-rate share rises.

An estimate of the frequency of defects, fraud and misrepresentation of information submitted on mortgage applications, the Loan Application Index, was 76 in February.

The index worsened compared to the prior month, when it was previously reported at 73. The index has risen each month since November 2016, when it was 68.

Source: Mortgage Daily