Mortgage Applications Show Possible Signs of an Upturn?
Posted To: MND NewsWire
The Mortgage Bankers Association (MBA) reported a second strong week for purchase applications last week although refinancing continued to dominate the mortgage market. MBA’s Market Composite Index, a measure of application volume, was down 3.3 percent on a seasonally adjusted basis during the week ended April 24 and was 2 percent on an unadjusted basis, however, the adjusted and unadjusted Purchase Index rose 12 percent and 13 percent respectively from the prior week. Smaller increases (2.0 and 3.0 percent) during the week ended April 17 had ended a five-week string of declines. Purchasing was still down 20 percent from the same week in 2019. The Refinance Index fell by 7 percent week-over-week but remained 218 percent higher than a year earlier. Refinance applications accounted for 71.6 percent…(read more)