Mortgage Application Activity Breaks Out of Slump

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Posted To: MND NewsWire

After four straight weeks of declines, mortgage application activity finally gained ground during the week ended May 3. The Mortgage Bankers Association said its Market Composite Index, a measure of mortgage application volume, rose 2.7 percent on a seasonally adjusted basis from the previous week and was 3 percent higher before adjustment. Purchase mortgage activity was 4 percent higher week-over-week on a seasonally adjusted basis, its first increase in three weeks. It rose 5 percent on an unadjusted basis from both the week ended April 26 and the corresponding week in 2018. The Refinance Index was up 1 percent from the previous week, its first improvement since the week ended March 29. The share of applications that were for refinancing however declined to 37.9 percent from 38.8 percent…(read more)

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