Mortgage Applications Stumble, Refi’s Remain Strong

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Posted To: MND NewsWire

The mortgage volume summary issued by the Mortgage Bankers Association for the week ended December 15, and the last before its two-week Christmas hiatus, reports one of the worst non-holiday related weeks in a long time. The volume of mortgage applications, as measured by MBA’s Market Composite Index, was down significantly from the previous week, and the Purchase Index eked out the smallest year-over-year gain since mid-April. The Composite Index decreased 4.9 percent on a seasonally adjusted basis compared to the week ended December 8, and was down 6 percent on an unadjusted basis. The share of applications that were for refinancing increased for the sixth time in the last seven weeks, and was the highest share since December 2016, 53.9 percent. The previous week’s share was 52.4 percent…(read more)

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