Mortgage Apps Take a Nosedive, Rates on the Rise

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Posted To: MND NewsWire

Mortgage applications were down last week by the largest seasonally adjusted percentage since September 2017 . The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of application volume, dropped by 7.1 percent during the week ended October 12, and was down 7.0 percent unadjusted. There was a minor holiday, Columbus Day, that shortened the week for some financial institutions, but MBA said its numbers were adjusted to account for the holiday. Refinancing also suffered a major loss, declining 9 percent compared to the week ended October 5. It was the largest dip since the week ended November 24, 2017. The share of mortgage activity ticked down to 38.1 percent of total applications from 39.0 percent during the week ended October 5. The Purchase Index lost 6 percent…(read more)

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