Flat Week for Mortgage Applications Despite Low Rates

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Posted To: MND NewsWire

Despite mortgage rates that continue to hover near 2016 lows, mortgage application activity was essentially flat during the week ended May 6. Refinancing applications lost market share for the third consecutive week. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of loan application volume, rose 0.4 percent on a seasonally adjusted basis compared to the week ended April 29. It was up 1.0 percent on an unadjusted basis. Applications for refinancing gained 0.5 percent over the previous week’s volume but the market share slipped from 52.9 percent to 52.8 percent. The seasonally adjusted Purchase Index was 0.4 percent higher than a week earlier and on an unadjusted basis it grew 1.0 percent. The unadjusted Purchase Index was 14 percent higher than during the same…(read more)

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