Mortgage Applications Resume Downward Spiral

Posted To: MND NewsWireThe surge in mortgage applications last week, fostered by a 6.0 percent increase in refinancing, was short-lived. Despite slightly lower interest rates, the Mortgage Bankers Association (MBA) reports that its Market Composite Index, a measure of applications received by lenders, has resumed its downward spiral, with volume decreasing for the 17th time in the last 22 weeks. During the week ended August 24 the total volume of applications was 1.7 percent lower than the previous week on a seasonally adjusted basis. The decline was 3.0 percent on an unadjusted basis. The Purchase Index was down 1 percent from the week ended August 17 on an unadjusted basis and 3.0 percent unadjusted. The unadjusted Purchase Index remained 3.0 percent higher than during the same week in 2017. The Refinance Index…(read more)Forward this article via email:¬†¬†Send a copy of this story to someone you know that may want to read it.

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Michael Ayoub, Author NMLS ID 6631