Mortgage Applications: Trade Fears Drive Rates Lower, Borrowers Respond

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Posted To: MND NewsWire

Borrower activity continued to pick up last week as interest rates retreated to September levels and mortgage applications extended their recent winning streak. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of application volume, increased 1.6 percent on a seasonally adjusted basis during the week ended December 7. On an unadjusted basis, the Index lost 1 percent from the previous week’s level. The Refinance Index rose 2 percent compared to the week ended November 30, and the share of applications that were for refinancing bettered the previous week’s 9 month high of 40.4 percent, rising to 41.5 percent. The seasonally adjusted Purchase Index increased for the fourth straight week, this time by 3 percent. The Purchase Index was down by 2 percent on an unadjusted…(read more)

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