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Mortgage Applications End 3-Week Winning Streak

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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