Mortgage Apps are on the Rise as Rates Drift Lower

Mortgage Apps are on the Rise as Rates Drift Lower

Mortgage loan activity posted a third straight gain during the week ended January 20 . The Mortgage Brokers Association (MBA) said its Market Composite Index, a measure of mortgage loan application volume, increased 7.0 percent on a seasonally adjusted basis from one week earlier and rose 1 percent on an unadjusted basis. The week’s results included an adjustment to account for the observance of Martin Luther King Day. The Refinance Index moved 15 percent higher but was 77 percent below activity during the same week one year ago. That share of the week’s applications increased to 31.9 percent from 31.2 percent the previous week. [refiappschart] The seasonally adjusted Purchase Index gained 3 percent and was 1 percent higher on an unadjusted basis. Activity was 39 percent lower