Purchase Applications at 7-Month High

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Posted To: MND NewsWire

Applications for purchase mortgages increased during the week ended January 20, pushing the Mortgage Bankers Association’s (MBA’s) Market Composite Index higher despite increasing interest rates. MBA said its index, a measure of application volume, increased 4.0 percent on a seasonally adjusted basis compared to a week earlier. On an unadjusted basis, the index was down by 5 percent. The index included an adjustment to account for the Martin Luther King Day holiday. The Purchase Index increased 6 percent on a seasonally adjusted basis compared to the week ended January 13. That change brought the index to its highest level since last June. Unadjusted, the Purchase Index gained 2 percent week-over-week and was 0.1 percent higher than the same week in 2016. The average loan size for purchase…(read more)

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