Lower Rates Help Mortgage Application Volume to Recover

Lower Rates Help Mortgage Application Volume to Recover

The volume of mortgage applications posted the first gain since May 5, aided by lower interest rates and the usual post-holiday week bounce. The Mortgage Bankers Association (MBA) said its Market Composite Index increased 7.2 percent on a seasonally adjusted basis from a week earlier. On an unadjusted basis, the Index increased 18 percent.   The Refinance Index rose 6.0 percent week-over-week and was 41.0 percent lower than the same week one year ago. The refinance share of applications was unchanged from 27.3 percent of total applications a week earlier. [refiappschart] The Purchase Index was up a seasonally adjusted 8.0 percent and 17.0 percent before adjustment. It was 27.0 percent lower than the same week in 2022. [purchaseappschart] “ Mortgage rates declined for the