Mortgage Volume Retreats 10% Due to “Economic Uncertainty”

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Posted To: MND NewsWire

Although changes in mortgage rates were gradual and mixed during the week ended September 20, mortgage volume moved sharply lower. Refinancing was especially hard hit. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of application volume, decreased 10.1 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index was 11 percent lower than the previous week. The Refinance Index fell by 15 percent from its level during the week ended September 13 although activity was 104 percent higher than the same week in 2018. The refinance share of mortgage activity decreased to 54.9 percent from 57.9 percent the previous week. The seasonally adjusted Purchase Index declined by 3.0 percent and the unadjusted version lost 4.0 percent. The…(read more)

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