Mortgage Applications Rise 3.4%, Rates Move Higher

Posted To: MND NewsWireAfter decreasing during the holiday shortened week ended January 25 the pace of mortgage applications returned last week to the upward track it had been on since the first of the year. The Mortgage Bankers Associations (MBA) Market Composite Index, a measure of application volume, rose 3.4 percent on a seasonally adjusted basis from the week ended February 1. On an unadjusted basis the volume was up 16 percent compared to the previous week. The seasonally adjusted Purchase Index was up 2 percent to the highest level since early May 2010. On an unadjusted basis it soared 21 percent week-over-week and was 16 percent higher than during the same week in 2011. The Refinance Index was up 4 percent but the refinancing share of applications decreased to 78 percent from 79 percent, the lowest share...(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/02062013_application_volume.asp| Call Bonnie Kelly for all your real estate needs: 505-350-8672 @ uwad.com