Improved Rates Have Little Impact on Mortgage Volume
Posted To: MND NewsWireMortgage rates pulled back slightly during the week ended November 16, but that did little to move mortgage applications higher. The Mortgage Bankers Association said its Market Composite Index, a measure of overall application volume, continued to trend down, dipping 0.1 percent on a seasonally adjusted basis compared to the week ended November 9. The weeks results do not include an adjustment to account for the Veterans’ Day holiday. On an unadjusted basis, the Index was down 3.0 percent. The seasonally adjusted Purchase Index shored up the overall index, rising 3.0 percent from the previous week, the first increase in that index in a month. The unadjusted index lagged 1 percent from the previous week and is down 5 percent from the same week in 2017. The Refinance Index continues to decline…(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.