Application Volume Resumes Downward Trend

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Posted To: MND NewsWire

The Mortgage Bankers Association’s (MBA’s) Market Composite Index, a measure of overall mortgage application volume, ended a four week slide during the week ended October 13. It didn’t last long, moving downward again last week. Fueled by declining applications for both refinancing and purchase money mortgages, it fell 4.6 percent on a seasonally adjusted basis. The earlier weeks data had been adjusted to account for the Columbus Day holiday, allowing the index to rise 6.0 percent this week on a seasonally adjusted basis. While the Refinance Index decreased 3 percent from the previous week, the portion of applications that were for refinancing recovered slightly after four straight weeks of decline. Refinancing made up 49.5 percent of the weeks activity, compared to 48.6 percent the previous…(read more)

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