Purchase Applications Tick Higher Despite Growing Costs

Purchase Applications Tick Higher Despite Growing Costs

The Mortgage Bankers Association (MBA) reports yet another decline in overall mortgage application volume during the week ending November 4. Applications for purchase mortgages did increase slightly, reversing a six-week downhill slide. MBA’s Market Composite Index, a measure of total application volume, was down another 0.1 percent on a seasonally adjusted basis from one week earlier and was 2 percent lower on an unadjusted basis. The Refinance Index decreased 4 percent from the previous week and was 87 percent lower than the same week one year ago. The refinance share of mortgage activity decreased to 28.1 percent from 28.6 percent the previous week. [refiappschart] The seasonally adjusted Purchase Index gained 1 percent from one week earlier while the unadjusted Purchas