Rates Dropped Last Week, but Application Volumes Fell as Well


Posted To: MND NewsWire

Despite a decline in interest rates, mortgage volume took a significant hit during the week ended April 26. The Mortgage Bankers Association (MBA) reported that its Market Composite Index and all of its week-over-week components fell, some for the fourth straight week. The Composite Index declined 4.3 percent on a seasonally adjusted basis from one week earlier and was down 4 percent on an unadjusted basis, continuing a trend begun during the week ended April 5. The Refinance Index decreased 5 percent from the previous week and the share of applications that were for refinancing fell to 38.8 percent from 39.4 percent. The seasonally adjusted Purchase Index lost 4.0 percent compared to the previous week and 3.0 percent on an unadjusted basis. The unadjusted Purchase Index did maintain a 1 percent…(read more)

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