After Brief Reprieve, Mortgage Apps Resume Downward Path

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Posted To: MND NewsWire

After posting the first across-the-board volume increases in almost a month during the week ended October 19, activity reversed last week, and the seasonally adjusted Market Composite Index declined 2.5 percent. The index, produced by the Mortgage Bankers Association, lost 3 percent on an unadjusted basis. The MBA’s Refinance Index was down by 4 percent during the week ended October 26, the fourth negative report in the last five weeks, and the share of applications that were for refinancing decreased to 39.4 percent from 39.8 percent. Both the seasonally adjusted and the unadjusted Purchase Indices declined by 2 percent from the previous week and the unadjusted version was 0.4 percent below the level during the same week in 2017, the first year-over-year loss since August. The average size…(read more)

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