Mortgage Applications Fall 8.1% as Rates Tick Up Sharply

Posted To: MND NewsWireAfter a strong showing in the first few weeks of the New Year, mortgage applications dropped sharply during the week ended January 25. The Mortgage Bankers Association (MBA) reported that its Market Composite Index, a measure of application volume, decreased 8.1 percent on a seasonally adjusted basis from the previous week and was down 17 percent on an unadjusted basis. The results included an adjustment to account for a week shortened by the Martin Luther King holiday. The Refinance Index decreased 10 percent from the week ended January 18 and refinancing dropped from the 82 percent share of mortgage activity it had maintained for several weeks to a 79 percent share. The HARP share of refinance applications increased to 26 percent from 25 percent. Applications for purchase mortgages were down...(read more)Forward this article via email:  Send a copy of this story to someone you know that may want to read it.http://www.mortgagenewsdaily.com/01302013_applications_volume.asp @ uwad.com