Application Volumes Rise Despite Surging Rates

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Posted To: MND NewsWire

Mortgage activity continued strong during the second week of the New Year. The Mortgage Bankers Association (MBA) reports that its Market Composite Index, a measure of loan application volume, increased 4.1 percent on a seasonally adjusted basis during the week ended January 12. Volume on an unadjusted basis was up 32 percent, as the index readjusted from its downturn during the holiday week ended January 5. The seasonally adjusted Purchase Index rose 3 percent from a week earlier while the unadjusted index was up 32 percent. The unadjusted index was 7 percent higher than during the same week in 2017. The Refinance Index increased 4 percent from the previous week but lost market share. It accounted for 52.2 percent of all the week’s applications, down from 52.9 percent a week earlier. Refi…(read more)

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