Mortgage Apps: Purchases Up, Refis Retreat During Holiday Hampered Week
Posted To: MND NewsWireMortgage applications for home purchases managed to move higher for the second straight time last week in spite of the usual lag in activity that accompanies a holiday shortened work week. The Mortgage Bankers Association said its Market Composite Index, a measure of application volume, declined 1.8 percent on a seasonally adjusted basis during the week ended September 17. On an unadjusted basis the index was down by 13 percent, reflecting the Labor Day holiday on Monday. The weeks numbers were further adjusted to account for the holiday. The seasonally adjusted Purchase Index gained 1.0 percent compared to the week ended August 31 although it declined by 11 percent unadjusted. The unadjusted index was 4.0 percent higher than during the same week in 2017. The Refinance Index dropped by another…(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.