Mortgage Apps Eke Out Small Gain

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Posted To: MND NewsWire

The volume of applications increased slightly during the week ended August 26 as mortgage rates made minor changes and moved in both directions. The Mortgage Bankers Association (MBA) reported that its Market Composite Index, a measure of application activity, was 2.8 percent higher on a seasonally adjusted basis than during the week ended August 19, and rose 2.0 percent unadjusted. After two weeks of decreasing volume the Refinancing Index rose 4.0 percent. The share of applications for refinancing increased from 62.4 percent the prior week to 63.5 percent. It was the fourth straight week that the share of refinancing increased. The Purchase Index increased 1 percent on a seasonally adjusted basis from one week earlier but fell by 1 percent when unadjusted. Purchasing applications were up…(read more)

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