Mortgage Apps Gaining Ground Despite Higher Rates

Posted To: MND NewsWireLabor Day typically marks the end of summer and the resumption of business as usual. Hopefully it also marked the beginning of a turnaround for mortgage applications, which increased across the board for the first time since mid-June. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of mortgage application volume, was up 1.6 percent on a seasonally adjusted basis during the week ended September 14. On an unadjusted basis the volume increased 12 percent from the previous week which was shortened by the Labor Day holiday. The seasonally adjusted Purchase Index eked out an 0.3 percent gain , the third week in a row it has increased. On an unadjusted basis the index was up 9 percent week-over-week and was 4 percent higher than the same week in 2017. Even refinancing…(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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