Purchase Applications Rise on Threshold of Fed Meeting  

Purchase Applications Rise on Threshold of Fed Meeting  

The volume of mortgage application submitted during the week ended April 29 ended a seven-week slide. The Mortgage Bankers Association (MBA) said purchase applications were substantially higher than the prior week while refinance applications held their own. MBA’s Market Composite Index, a measure of application volume, increased 2.5 percent on a seasonally adjusted basis from the prior week and was up 3.0 percent higher on an unadjusted basis. Refinancing has fallen by 71 percent since the comparable week in 2021. [refiappschart] The seasonally adjusted and unadjusted Purchase Indices increased by 4 percent and 5 percent respectively from one week earlier. Purchase applications were down 11 percent year-over-year. [purchaseappschart] Joel Kan, MBA’s Associate Vice Pres