Mortgage Applications Drift Sideways; Purchases Still Dominating

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Posted To: MND NewsWire

On one hand it could be said that mortgage application volume declined last week for the third straight week. Or, one could conclude that the changes were so insignificant that they hardly matter. The Mortgage Bankers Association said its Market Composite Index, a measure of mortgage loan application volume, dipped 0.4 percent on a seasonally adjusted basis during the week ended May 4 and was unchanged from the previous week on an unadjusted basis. The seasonally adjusted Purchase Index was down 0.2 percent from one week earlier while the unadjusted version did manage an 0.4 percent gain and was 3 percent higher than the same week one year ago. The Refinance Index drifted 1 percent lower than during the week ended April 27 and the refinancing share of applications declined to 36.3 percent from…(read more)

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