By Jann Swanson
Posted To: MND NewsWire
Rising interest rates took a toll on mortgage applications again during the week ended May 8. The Mortgage Bankers Association said that its Market Composite Index a measure of overall mortgage application volume, was down 3.5 percent on a seasonally adjusted basis from the week ended May 1 and down 3.0 percent unadjusted. It was the third straight losing week for both the adjusted and unadjusted composites. Most of the drop was because applications for refinancing lost 6 percent from its index level the previous week. Fifty-one percent of all mortgage applications were for refinancing compared to 52 percent the week before. This was the smallest share of applications for refinancing since May 2014. Applications for home purchase mortgages were almost flat compared to the previous week. The…(read more)
Via:: Purchase Applications Fare Better Amid Rising Rates
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