Pre-Holiday Mortgage Applications Dip Slightly, Rates Flat

Posted To: MND NewsWirePurchase applications increased slightly during the week ended August 31, but overall mortgage activity fell slightly according to the Mortgage Bankers Association (MBA). Its Market Composite Index, a measure of application volume, was down 0.1 percent on a seasonally adjusted basis compared to the prior week. On an unadjusted basis the index lost 2.0 percent. Purchase mortgage activity gained 1.0 percent on a seasonally adjusted basis heading into the Labor Day weekend but was down 2.0 percent unadjusted. The unadjusted index held on to a 2.0 percent advantage over the same week in 2017. The Refinance Index fell by 1.0 percent from its level during the week ended August 24. The share of applications that were for refinancing however increased from 38.7 percent to 38.9 percent. Refi Index vs…(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