Posted To: MND NewsWire

Mortgage application volume bounced back into positive territory last week , even though banks and many businesses were closed on Friday for the Independence Day Holiday. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of that volume, was 2.2 percent higher on a seasonally adjusted basis, which included an adjustment for the holiday, from the previous week, although volume was down 8 percent before adjustment. The Refinance Index rose 0.4 percent week-over-week and was 111 percent higher than the same week one year ago. The refinance share of mortgage activity decreased to 60.1 percent of total applications from 61.2 percent the previous week. The seasonally adjusted Purchase Index gained 5 percent week-over-week while declining by the same amount before adjustment…(read more)

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Source: Mortgage News Daily