Mortgage Apps Slide Despite Lower Rates, Market Volatility to Blame?

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Posted To: MND NewsWire

It is sad to say, but the good news can’t last forever and the recent improvement in mortgage application volume, especially for purchase mortgages, proved that point last week. The Mortgage Bankers Association (MBA), in its last report of the year, said that its Market Composite Index, a measure of that volume, dropped by 5.8 percent on a seasonally adjusted basis during the week ended December 14. It was the first negative report in a month. On an unadjusted basis the index was down 7.0 percent as was the seasonally adjusted Purchase Index. The unadjusted Purchase Index dropped 10 percent but was 2.0 percent higher than during the same week in 2017. Refinancing, which has been on a recent roll lost 2 percent from its index, but the share of applications that were for refinancing rose from…(read more)

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