Posted To: MND NewsWire

After last week’s report on a record-busting week for mortgage applications, with applications for refinancing surging 79 percent and mortgage volume up nearly 55 percent overall, one might expect that things would settle down a bit. What probably is surprising, as the country goes into virtual lock down over the coronavirus outbreak, is how strong activity remained. The Mortgage Bankers Association (MBA) reports that, during the week ended March 14, its Market Composite Index, a measure of mortgage application volume, decreased 8.4 percent on a seasonally adjusted basis and lost 8.0 percent on an unadjusted basis. This left the volume of business 168 percent higher than the same week in 2019. The Refinance Index decreased 10 percent from the previous week but was still at historic levels,…(read more)

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Source: Mortgage News Daily