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Mortgage Application Volume Reacts to Rising Rates

Wednesday, February 11, 2015

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.

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