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Mortgage Application Volume Struggles to Keep up With Hot Housing Market

Posted To: MND NewsWire

Mortgage application volume lost ground again last week, although the decline was small and refinancing volume pulled out a sliver of a gain. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of mortgage loan application volume, decreased 0.9 percent on a seasonally adjusted basis during the week ended April 30. On an unadjusted basis, the Index was 1 percent lower than the prior week. The Refinance Index increased 0.1 percent from the previous week but lagged the Index on the same week in 2020 by 17 percent. The refinance share of mortgage activity increased to 61.0 percent of total applications from 60.6 percent the previous week. The seasonally adjusted Purchase Index decreased 3 percent and was down 2 percent on an unadjusted basis. Purchase activity was…(read more)

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