Higher Rates Stunt Post-Holiday Application Volume Recovery

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Posted To: MND NewsWire

Mortgage application activity retreated again during the week ended July 12, although refinancing remained strong. The Mortgage Bankers Association (MBA) said its Market Composite index, a measure of application volume, was down 1.1 percent on a seasonally adjusted basis from the previous week. That earlier week’s data included an adjustment to account for the Independence Day holiday. The non-adjusted Composite Index rose 24 percent week-over-week, more than recovering from its 22 percent decline during the holiday period. The Refinance Index gained 2 percent compared to the previous week and was 87 percent higher than the same week one year ago. Precisely half of applications received were for refinancing, up from a 48.7 percent share during the week ended July 5. The seasonally adjusted…(read more)

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