Mortgage App Volume Pulls Back as Rates Rise
The Mortgage Bankers Association (MBA) said its Market Composite Index for the week ended April 14 was down 8.8 percent on a seasonally adjusted basis from one week earlier. The Index, a measure of loan application volume, declined by 8 percent on an unadjusted basis.
Applications for both refinancing and home purchasing retreated. The Refinance Index decreased 6.0 percent from the previous week while the Purchase Index was down 10.0 percent on a seasonally adjusted basis and 9.0 percent before adjustment. Refinancing activity is now 56 percent lower than the same week one year ago and purchasing has declined by 36 percent. [refiappschart] [purchaseappschart]
“Last week’s increase in mortgage rates prompted a pullback in application activity. With more first-time homebuyers
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