Posted To: MND NewsWire

Mortgage rates rose during the week ending August 14 and, while purchase applications sustained some of their momentum, a slowdown in refinancing pulled overall volume down. The Mortgage Bankers Association said its Market Composite Index, a measure of that volume, decreased 3.3 percent on a seasonally adjusted basis from one week earlier and was 4.0 percent lower on an unadjusted basis. The Refinance Index decreased 5.0 percent from the previous week and was 38 percent higher than the same week one year ago. The refinance share of mortgage activity decreased to 64.6 percent of total applications from 65.7 percent the previous week. The seasonally adjusted Purchase Index increased 1 percent from one week earlier but was 1 percent lower on an unadjusted basis. It was 27 percent higher than the…(read more)

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Source: Mortgage News Daily