Mortgage Application Volume Reacts to Rising Rates

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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