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Mortgage Application Volume Ticks Down 1%: MBA

Mortgage application volume fell 1 percent from the week before, according to the ""Mortgage Bankers Association"":http://www.mbaa.org/default.htm.

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Releasing the latest weekly figures, the trade group said that mortgage applications remained unchanged on a seasonally unadjusted basis.

The Refinance Index went up by 0.8 percent to crest at the highest level since August last year, while the Purchase Index contracted by 8.4 percent from the week before. It fell by 3.3 percent on an unadjusted basis.

The four-week moving average dipped by 0.45 percent on a seasonally adjusted basis for the Market Index, also falling by 3.87 percent for the Purchase Index on a seasonally adjusted basis.

The refinance share of mortgage activity ticked up to 81.1 percent of total volume from 80.5 percent from the week before, marking the highest such share since January this year.

The adjustable-rate mortgage share of activity meanwhile contracted to 5.4 percent, down from 6 percent of total application volume from the wake before.

About Author: Ryan Schuette

Ryan Schuette is a journalist, cartoonist, and social entrepreneur with several years of experience in real-estate news, international reporting, and business management. He currently lives in the Washington, D.C., area, where he freelances for DS News and MReport.
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