Volume Steady as Rates Rise to 3-Month High

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Posted To: MND NewsWire

After three weeks of declines, mortgage applications managed a tiny increase during the week ended October 25 even as interest rates moved slightly higher The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of mortgage loan application volume, increased 0.6 percent on a seasonally adjusted basis from one week earlier and 0.3 percent on an unadjusted basis. The Refinance Index decreased 1 percent on top of a 17 percent decline the prior week but was still 134 percent higher than the same week one year ago. The refinance share of mortgage applications declined to 58.0 percent of the total from 58.5 percent the previous week. The Purchase Index grew by 2.0 percent from one week earlier on both an adjusted and an unadjusted basis. The unadjusted index was 10 percent…(read more)

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