Mortgage Volume Little-Changed Despite Lower Rates

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Posted To: MND NewsWire

Mortgage applications suffered their third consecutive decline during the week ended February 1. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of application volume, decreased 2.5 percent on a seasonally adjusted basis from the previous week. On an unadjusted basis the index was up 12 percent from the week ended January 25. That week’s results included an adjustment for the Martin Luther King Jr. Day holiday. The seasonally adjusted Purchase Index was also down for the third time, falling 5.0 percent from the previous week. On an unadjusted basis the Purchase Index rose by 13 percent and was 2 percent lower than during the same week in 2018. The Refinance Index managed an 0.3 percent gain although the share of refinancing applications dropped from 42.0 percent…(read more)

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