Small Improvement in Rates Has Little Effect on Mortgage Volume

Small Improvement in Rates Has Little Effect on Mortgage Volume

A bit of easing in mortgage rates prompted a tiny uptick in refinancing during the week ended October 28, but overall mortgage application volume continued its long slide. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of that volume, decreased 0.5 percent on a seasonally adjusted basis from one week earlier and was 1.0 percent lower on an unadjusted basis. The Refinance Index gained 0.2 percent from the previous week but was still 85 percent lower than the same week one year ago. The refinance share of mortgage activity increased to 28.6 percent of total applications from 28.2 percent the previous week. [refiappschart] The seasonally adjusted Purchase Index decreased by 1 percent from one week earlier and was two percent lower before adju