Mortgage Application Volume Falls Despite Lower Rates

Posted To: MND NewsWire

The solid 8.6 percent increase in mortgage application volume during the week ended April 16, only the fourth gain thus far in 2021, was short lived. The Mortgage Bankers Association reports that its Market Composite Index resumed a downward trend during the week ended April 23 even though mortgage rates moved lower. The index, a measure of mortgage application volume, decreased 2.5 percent on a seasonally adjusted basis and 2 percent unadjusted compared with the previous week. The Refinance Index decreased 1 percent from the previous week and was 18 percent lower than the same week one year ago. Applications for refinancing remain the majority; the share last week increased to 60.6 percent of total applications from 60.0 percent the previous week. The seasonally adjusted Purchase Index dropped…(read more)

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Mortgage Application Volume Falls Despite Lower Rates
Mortgage Application Volume Falls Despite Lower Rates

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