Posted To: MND NewsWire

Mortgage application volume turned lower again this week after longer term rates rose again, pulling more steam out of refinancing. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of that volume, decreased 1.3 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index was down 1 percent compared with the previous week. The Refinance Index fell 5 percent from the previous week and was 43 percent lower than the same week one year ago. Refinancing still made up the majority of applications however, a 64.5 percent share compared to 67.5 percent of the volume a week earlier. The seasonally adjusted Purchase Index rose 7 percent from one week earlier and was 9 percent higher on an unadjusted basis. Purchase volume was 2 percent…(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