Mortgage Application Volume Falls Back into Old Pattern

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Posted To: MND NewsWire

The sharp uptick in mortgage applications during the week ended June 15 was short lived. The Mortgage Bankers Association (MBA) reported a strong reversal last week which nearly wiped out that 5.1 percent increase in the Market Composite Index, a measure of mortgage loan application volume, The 4.9 percent loss in the seasonally adjusted index during the week ended June 22 put it back on the downward glide path it has pursued since the beginning of the year. Volume fell by 6 percent on an unadjusted basis. Refi Index vs 30yr Fixed Purchase Index vs 30yr Fixed Purchase mortgage volume was even harder hit, decreasing 6 percent on a seasonally adjusted based and 7 percent unadjusted. Purchase mortgage activity did retain a 1 percent increase from the same week in 2017. After rising 6.0 percent…(read more)

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