Purchase Volume Rises Despite Market Volatility

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Posted To: MND NewsWire

Mortgage application volume declined for the third consecutive week during the period ended August 30. The Mortgage Bankers Association said its Market Composite Index, a measure of that volume, was down 3.1 percent on a seasonally adjusted basis from the week ended August 23 and was 4.0 percent lower before adjustment. Refinancing slacked off for the second week. That index was down 7 percent but remains elevated compared to the same week in 2018, a 152 percent edge. The share of applications that was for refinancing was 60.4 percent, down from 62.4 percent the prior week. Purchase mortgage volume does appear to be responding to declining mortgage interest rates, rising for the first time in three weeks. The Purchase Index was 4.0 percent higher than the prior week on an adjusted basis and…(read more)

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