Trade Worries Boost Mortgage Rates, Application Volume Slips

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Posted To: MND NewsWire

Mortgage rates increased last week and in response the volume of applications ratcheted down significantly. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of application volume, dropped 6.2 percent on a seasonally adjusted basis during the week ended August 23. On an unadjusted basis the index was 7.0 percent lower than during the week ended August 16. Most of the decline was due to fewer refinance applications. The Refinance Index decreased 8 percent from the previous week and the refinance share of mortgage activity decreased to 62.4 percent of total applications from 62.7 percent the previous week. Refinancing activity remains elevated, however. The index remains 167 percent above its level during the same week in 2018. The seasonally adjusted Purchase…(read more)

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