Despite a healthy upward bump in purchase applications, overall mortgage volume declined last week. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of application volume, dipped 0.3 percent on a seasonally adjusted basis during the week ended November 13, and was down 2 percent unadjusted. The week’s results were not adjusted to account for the Veterans’ Day holiday that occurred midweek. The Refinance Index was down 2 percent from the previous week but was 98 percent higher than the same week one year ago. The refinance share of mortgage activity decreased to 69.8 percent of total applications from 70.0 percent the previous week. The seasonally adjusted Purchase Index rose 4 percent. It was 1 percent lower than the prior before adjustment but was up 26 percent

2020-11-18 17:37:02

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Courtesy of Mortgage News Daily

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