Mortgage App Volume Rebounds from Holiday Doldrums

Mortgage App Volume Rebounds from Holiday Doldrums

Mortgage application activity bounced back from the holiday-shortened prior week but is still running significantly below historic levels. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of application volume, increased 5.4 percent on a seasonally adjusted basis during the week ended September 15. On an unadjusted basis, the Index increased 16 percent compared with the week that started with Labor Day. The Refinance Index rose 13 percent week-over-week and was 29 percent lower than the same week in 2022.  The refinance share of mortgage activity increased to 31.6 percent of total applications from 29.1 percent the previous week. [refiappschart] The seasonally adjusted Purchase Index gained 2.0 percent compared to the prior week. The unadjuste