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A Silver Lining in Mortgage Apps? Purchases Continue to Grow; Forbearance Requests Slow

Posted To: MND NewsWire

Purchase mortgage applications extended their recent run of gains through the week ended May 15. The Mortgage Bankers Association (MBA) said its Purchase Index rose 6 percent compared to the previous week on both a seasonally adjusted and unadjusted basis. It was the fifth straight week of improvement, and the index, which was down by as much as 35 percent from a year earlier in much of April has narrowed that gap to 1.5 percent. MBA’s Market Composite Index, a measure of overall application volume, was down 2.6 percent on a seasonally adjusted basis and 2 percent unadjusted, dragged down by the 5 th consecutive decline in refinancing. The Refinancing Index fell back by 6 percent compared to the prior week, but was still 160 percent higher than during the same week in 2019. Refinancing applications…(read more)

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