Mortgage Apps Declined Last Week, Despite Lower Rates

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Posted To: MND NewsWire

Mortgage applications, both for home purchases and refinancing, declined for the second consecutive week during the period ending April 6. The Mortgage Bankers Association (MBA) reports that its Market Composite Index, a measure of application volume, was down 1.9 percent on a seasonally adjusted basis compared to the week ended March 30. The unadjusted index lost 1 percent. Purchase applications were down 2 percent from the previous week on a seasonally adjusted basis. The non-seasonally adjusted index was off by 1 percent week-over-week and was 0.5 percent lower than during the same week in 2017. Refinancing continued to lose ground, getting only a 38.4 percent share of applications, down from 38.5 percent the previous week. It was the lowest market share for refinancing since September 2008…(read more)

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