Posted To: MND NewsWire

Applications for mortgage financing increased again during the week ended February 7 despite a significant decline in those for home purchases. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of mortgage loan application volume, rose 1.1 percent on a seasonally adjusted basis from one week earlier and 3 percent on an unadjusted basis. MBA’s Purchase Index dropped by 6 percent on a seasonally adjusted basis compared to the week ended January 31 although it eked out a fractional gain on an unadjusted basis. The unadjusted Purchase Index was, however, 16 percent higher than during the same week in 2019. Refinancing was up for the third straight week , adding 5 percent to that index which is now 207 percent higher than on an annual basis. The share of applications…(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

Source: Mortgage News Daily