Posted To: MND NewsWire

The volume of mortgage applications as measured by the Mortgage Bankers Association’s (MBA’s) Market Composite Index declined during the week ended October 29. The Index was down 3.3 percent on a seasonally adjusted basis and 4 percent unadjusted when compared with the prior week. The Refinance Index was also down 4 percent and was 33 percent below its level the same week in 2020. The refinance share of mortgage activity declined for the fifth straight week, dipping to 61.9 percent of total applications from 62.2 percent the week before. The Purchase Index was lower than the prior week by 2 percent and 3 percent on an adjusted and unadjusted basis respectively. It was down 9 percent on a year-over-year basis. Refi Index vs 30yr Fixed Purchase Index vs 30yr Fixed “Mortgage rates decreased for…(read more)

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Source: Mortgage News Daily