Posted To: MND NewsWire

Higher interest rates drove the volume of mortgages applications lower again last week. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of that volume, decreased 3.7 percent on a seasonally adjusted basis during the week ended April 9. On an unadjusted basis, the Index was down 3 percent compared with the previous week . The Refinance Index was 5 percent lower week-over-week and 31 percent below its level during the same week in 2020. The refinance share of mortgage activity decreased to 59.2 percent of total applications from 60.3 percent the previous week. The seasonally adjusted Purchase Index dipped 1 percent on both an adjusted and unadjusted basis and was 51 percent higher than the same week one year ago. Refi Index vs 30yr Fixed Purchase Index vs 30yr…(read more)

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Source: Mortgage News Daily