Posted To: MND NewsWire

Last week was yet another good one for purchase mortgage activity and refinancing, while continuing to fade, was still at double its pace of a year ago. The Mortgage Bankers Association (MBA) said the upshot was a slight increase in its Market Composite Index, a measure of mortgage loan application volume. It gained 0.3 percent on a seasonally adjusted basis from one week earlier and was 1 percent higher on an unadjusted basis. The volume of purchase applications gained 11 percent compared to the previous week on both an adjusted and an unadjusted basis. It was the fourth straight weekly increase in the Purchase Index although it remains 10 percent below its level a year earlier. The Refinance Index decreased 3 percent from the previous week and was 201 percent higher than the same week in…(read more)

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Source: Mortgage News Daily