Purchase Applications Improve; Refi Slump Slows

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Posted To: MND NewsWire

Purchase mortgage applications gained ground last week for the first time since mid-January. The Mortgage Bankers Association (MBA) said the volume of applications for home purchases increased by 6.0 percent on a seasonally adjusted basis during the week ended February 23. The last time the index moved higher was during the week ended January 19. Overall applications volume, as measured by MBA’s Market Composite Index, was up 2.7 percent on a seasonally adjusted basis compared to the previous week. The President’s Day holiday, which shortened the week, also confounded unadjusted numbers. The unadjusted versions of the Composite and Purchase Indices were each down by 6.0 percent. The unadjusted Purchase Index was 3 percent higher than during the same week in 2017. Refinancing volume continues…(read more)

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