Mortgage Apps On-Track for Best Year Since 2007

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Posted To: MND NewsWire

Joel Kan, Associate Vice President of Economic and Industry Forecasting for the Mortgage Bankers Association (MBA) says low rates are continuing to keep mortgage applications activity brisk. “Mortgage rates stayed below 4 percent for the second straight week and borrowers responded positively, with mortgage applications rising 1.5 percent on the back of increases in both refinance and purchase activity,” Kan said. “Refinances have been strong this month, but we are starting to see the average pace slow compared to the peak experienced in August through October.” MBA’s Market Composite Index, a measure of mortgage loan application volume, increased, as Kan said, 1.5 percent on a seasonally adjusted basis during the week ended November 22. On an unadjusted basis, the Index increased 11 percent…(read more)

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