Wednesday , 6 January 2021

Mortgage Application Volume Reacts to Rising Rates

By Jann Swanson

Posted To: MND NewsWire

The on and off refinancing boomlet that has sporadically driven mortgage application volume since the first of the year went missing again during the week ended February 6. The Mortgage Bankers Association said that its Market Composite Index, a measure of application volume, retreated from the previous week’s activity as did most of the index components as interest rates rose from near record lows. The Composite Index was down 9.0 percent on a seasonally adjusted basis compared to the week ended January 30 and it lost 7 percent on an unadjusted basis. The Refinance Index, declined 10 percent as the refinancing share of all mortgage applications dropped from 71 to 69 percent. The seasonally adjusted Purchase Index decreased by 7 percent from a week earlier and the unadjusted index was 1 percent…(read more)

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