Purchase Activity Up Slightly Despite Shorter Week

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Posted To: MND NewsWire

The short business week preceding the Thanksgiving holiday resulted, as usual, in fewer mortgage applications. The Mortgage Bankers Association said its Market Composite Index, a measure of loan application volume, was down 3.1 percent on a seasonally adjusted basis during the week ended November 24, with results adjusted to account for the holiday. On a non-adjusted basis volume fell 34 percent. The Refinance Index was down 8 percent when compared to the week ended November 17, falling to its lowest level since January. The refinance share of all applications was 48.7 percent compared to 49.9 percent the week before. There was a 2 percent increase in the seasonally adjusted Purchase Index , bringing it to the highest level in two months. On an unadjusted basis the index was 32 percent lower…(read more)

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