Rising Rates Finally Make a Dent in Mortgage Apps

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Posted To: MND NewsWire

Mortgage activity suffered its first downturn of 2018 last week, breaking a three-week winning streak. The Mortgage Bankers Association (MBA) reports that applications for both refinancing and purchasing were lower on a seasonally adjusted basis during the week ended January 26. An adjustment to account for the Martin Luther King Holiday during the week ended January 19 sent unadjusted index numbers soaring by double digits. The Market Composite Index, a measure of overall mortgage application volume, fell 2.6 percent on a seasonally adjusted basis after rising 4.5 percent the previous week. On an unadjusted basis, the Index increased 12 percent. The Purchase Index decreased 3 percent on an adjusted basis compared to the week before. The unadjusted index gained 15 percent and was 10 percent…(read more)

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