Mortgage Apps Hit Their Seasonal Slump, YOY Numbers Tell a Different Story


Posted To: MND NewsWire

Mortgage activity was little changed during the week ended November 1 as interest rates continued to bounce around. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of mortgage loan application volume, decreased 0.1 percent on a seasonally adjusted basis from one week earlier and was down 1.0 percent on an unadjusted basis. Refinancing provided the only strength, rebounding after two weeks of declines. The Refinance Index increased 2 percent from the previous week and was 144 percent higher than the same week one year ago. The refinance share of mortgage activity increased to 59.5 percent of total applications from 58.0 percent the previous week. Applications for purchase mortgages which had increased slightly during the week ended October 25, its first gain…(read more)

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