Mortgage Application Activity Hits Summer Doldrums

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Posted To: MND NewsWire

As the Mortgage Bankers Association (MBA) termed it the headline on its press release this morning: “Mortgage Application Activity and Rates [were] Nearly Flat in Latest MBA Weekly Survey.” MBA’s Market Composite Index, a measure of mortgage loan application volume, certainly didn’t do any handstands or back-flips during the week ended July 20, and most rates stayed put. The Composite ticked down 0.2 percent on a seasonally adjusted basis from one week earlier and was unchanged on an unadjusted basis. The seasonally adjusted Purchase Index lost 1 percent on both an adjusted and an unadjusted basis and the latter was 2 percent higher than during the same week in 2017. Refinancing did rally a tiny bit for the second straight week. That index rose 1 percent compared to the week ended July 13 and…(read more)

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