Posted To: MND NewsWire

There was a significant pull-back in the volume of mortgage applications during the week ended January 22. Volume has been down in two of the three full weeks of the new year. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of mortgage loan application volume, declined 4.1 percent on a seasonally adjusted basis from one week earlier and was 3.0 percent lower on an unadjusted basis. The Refinance Index was 5 percent lower than during the week ended January 15, although it outpaced the same week in 2020 by 83 percent. The refinance share of mortgage activity decreased to 70.7 percent from 72.3 percent the previous week. The seasonally adjusted Purchase Index decreased 4 percent from one week earlier and was down 3 percent on an unadjusted basis. Purchase activity…(read more)

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Source: Mortgage News Daily