Repeat Performance for Mortgage Apps

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Posted To: MND NewsWire

There was a little bit of Groundhog Day in last week’s results from the Mortgage Bankers Association’s (MBA’s) Weekly Mortgage Application Survey. The report this morning for the week ended March 18 showed the overall performance as measured by MBA’s Market Composite Index, a measure of loan application volume, exactly duplicated that during the week ended March 11. Both weeks the index declined 3.3 percent on a seasonally adjusted basis and 3 percent on a non-adjusted basis from their respective prior index numbers. The Refinance Index which has declined by 6 percent the earlier week did slightly better, falling only 5 percent. The refinance share of all applications shrunk from 55.0 percent to 53.9 percent as rates remained under pressure compared to recent lows. Both the seasonally adjusted…(read more)

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