Posted To: MND NewsWire

The negative effects of the COVID-19 epidemic appear to have set in last week as mortgage applications, which had managed to increase even after much of the nation’s business shut down, tumbled. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of loan application volume, declined 17.9 percent on a seasonally adjusted basis during the week ended April 3 , and 18 percent lower on an unadjusted basis. The Refinance Index decreased 19 percent but was still 144 percent higher than the same week one year ago. The refinance share of mortgage activity decreased to 74.2 percent of total applications from 75.9 percent the previous week. Purchase mortgage applications declined by 12 percent on both an adjusted and an unadjusted basis from the week ended March 27. The Purchase…(read more)

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Source: Mortgage News Daily