Posted To: MND NewsWire

After its 5.8 percent jump the previous week, the Mortgage Bankers Association’s (MBA’s) Market Composite Index, a measure of mortgage application volume, fell back during the week ended November 12 as rates ticked higher. The index fell 2.9 percent on a seasonally adjusted basis and was down 4 percent before adjustment. As was the surge the prior week, the decline was driven by the Refinance Index which decreased 5 percent from the previous week and was 31 percent lower than the same week one year ago. The refinance share of mortgage activity decreased to 62.9 percent from 63.5 percent the previous week. The Purchase Index increased 2 percent from one week earlier on both an adjusted and an unadjusted basis. It was 6 percent lower than the same week one year ago. Refi Index vs 30yr Fixed Purchase…(read more)

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Source: Mortgage News Daily