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Mortgage Applications End Losing Streak

Wednesday, April 21, 2021

Mortgage application volume broke out of a six-week slump in a big way during the week ended April 16. The Mortgage Bankers Association said its Market Composite Index, a measure of that volume, jumped 8.6 percent on a seasonally adjusted basis and was 9 percent higher on an unadjusted basis. It was the first positive posting for the index since the week ended February 26 and only the fourth increase this year. The Refinance Index rose by 10 percent from the previous week although it remained 23 percent lower than the same week in 2020. Refinance applications accounted for 60 percent of the total compared to 59.2 percent a week earlier. The seasonally adjusted Purchase Index increased 6 percent before seasonal adjustment and 7 percent afterward. It was 57 percent above its level the same week in 2020.   

 

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