Mortgage Application Volume Increases Despite Higher Rates

Mortgage Application Volume Increases Despite Higher Rates

Mortgage application volume increased during the week ending April 21. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of that volume, rose 3.7 percent on a seasonally adjusted basis compared to the prior week and was 5 percent higher before adjustment. The Refinance Index increased 2 percent from the previous week but was 51 percent lower than the same week one year ago. The refinance share of mortgage activity decreased to 26.8 percent of total applications from 27.6 percent the previous week. Refinancing accounted for 35 percent of applications during the same week in 2022. [refiappschart] The seasonally adjusted Purchase Index was up 5 percent week-over-week and 6 percent higher on an unadjusted basis. Purchase mortgage volume was 28 percen