Purchases Decline, Refis Still Strong as Rates Show Mixed Results

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Posted To: MND NewsWire

Mortgage application volume eked out a slight gain during the week ended October 11 as interest rates became mixed . Purchasing weakened while the volume increase was again driven by refinancing activity. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of mortgage loan application volume, rose 0.5 percent on a seasonally adjusted basis from one week earlier and was 1 percent higher before adjustment. The Refinance Index gained 4 percent and was 199 percent higher than the same week in 2018. The refinance share of mortgage activity increased to 62.2 percent of total applications from 60.4 percent the previous week Both the seasonally adjusted and the unadjusted Purchase Indices dropped by 4 percent from their level during the week ended October 4. The unadjusted…(read more)

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