Application Volume Rises Ahead of Next Fed Move

Application Volume Rises Ahead of Next Fed Move

The mortgage market disregarded a slight increase in interest rates last week. Refinance applications posted a second weekly gain, and the Purchase Mortgage Index resumed the upward trend it has pursued since early November after a small correction the previous week. The Mortgage Bankers Association (MBA) said its Market Composite Index for the week ended December 9 increased 3.2 percent on a seasonally adjusted basis. On an unadjusted basis, it was up 0.4 percent compared with the previous week. The Refinance Index was 3 percent higher week-over-week but 85 percent lower than the same week in 2021. Refinance applications made up 29.4 percent of total applications, up from 28.7 percent the previous week. [refiappschart] The seasonally adjusted Purchase Index increased 4 p