Mortgage Apps Bounce Back After Holiday Losses

By Jann Swanson

Posted To: MND NewsWire

Mortgage application volume bounced back during the week ended July 14, following a sharp downturn a week earlier. That week had been shortened by the Independence Day holiday. The Mortgage Bankers Association said its Market Composite Index, a measure of that volume, rose 6.3 percent on a seasonally adjusted basis compared to the prior week, and was up 33 percent on an unadjusted basis. The previous week’s numbers were adjusted to account for the holiday. The Refinance Index increased 13 percent from the previous week, the same percentage by which it declined the week before. The refinance share of activity rose to 44.7 percent from 42.1 percent. The seasonally adjusted Purchase Index gained 1 percent week-over-week and was up 27 percent on an unadjusted basis. The unadjusted version was 7…(read more)

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