Mortgage Applications Gain Momentum Despite Holiday Slump

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Posted To: MND NewsWire

Despite the Veterans’ Day holiday which shortened the work week of November 15, purchase mortgage applications gained momentum. The Mortgage Bankers Association said its Purchase Index rose 7 percent on a seasonally adjusted basis during the week although it was down 8.0 percent before adjustment. It was also up by 7 percent compared to the same week in 2018. The week’s results were adjusted to account for the holiday. Overall however, application volume was in a typical holiday week slump. The seasonally adjusted Market Composite Index declined 2.2 percent on a seasonally adjusted basis compared to the week ended November 8 and was 14 percent lower on an unadjusted basis due entirely to a decline of 8 percent in the Refinance Index. That measure remained elevated by 152 percent compared to…(read more)

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