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Refinance Activity Falls, Purchase Apps Lackluster

Wednesday, April 29, 2015

A modest uptick in purchase mortgage applications during the week ended April 24 was insufficient to offset a sizable drop in refinancing.  The Mortgage Bankers Association (MBA) said that its seasonally adjusted Market Composite Index, a measure of overall mortgage application volume, which had risen by 2.3 percent the previous week, fell back by the same percentage and was down by 2.0 percent on an unadjusted basis compared to the previous week.

The Refinance Index dropped by 4 percent from its level during the week ended April 17.  The refinance share of mortgage activity was at 55 percent down from 56 percent the previous week and its lowest level since last September.

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