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Mortgage Applications End 3-Week Winning Streak

Wednesday, April 15, 2015

Applications for purchase mortgages have ended three straight weeks in which their volume increased an average of 6 percent.  The Mortgage Bankers Association (MBA) said today that those applications dropped by 3 percent on a seasonally adjusted basis during the week ended April 10 and 2 percent on an unadjusted basis.    They did however remain 7 percent higher than in the same week in 2014.

The decline in the purchase component brought MBA's Market Composite Index, a measure of all application activity, down by 2.3 percent on an adjusted basis and 2 percent unadjusted compared to the week ended April 3.  The Refinance Index also declined 2 percent but applications for refinancing represented 58 percent of the total, up one percentage point from the week before.

 

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