Mortgage Applications: Volumes Ignore Holiday With 5.5% Increase

By Jann Swanson

Posted To: MND NewsWire

Even though the week was shortened by the Thanksgiving holiday MBA’s Market Composite Index, a measure of mortgage application volume, managed a 5.5 percent increase on a seasonally adjusted basis. While the index was adjusted to account for the holiday, it was the largest increase since the week ended January 8, a period which followed a protracted holiday period. On an unadjusted basis the index dropped by 29 percent. The increase was driven by a large gain in the seasonally adjusted Purchase Index which rose 9 percent . The unadjusted index was down by 28 percent but was 2 percent higher than the same week in 2017, also a holiday shortened week. The Refinancing Index was up 1.0 percent and the refinance share of mortgage activity decreased to 37.9 percent of total applications from 38.5…(read more)

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