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A Silver Lining in Mortgage Apps? Purchases Continue to Grow; Forbearance Requests Slow
Wednesday, May 20, 2020
Purchase mortgage
applications extended their recent run of gains through the week ended May 15.
The Mortgage Bankers Association (MBA) said its Purchase Index rose 6 percent
compared to the previous week on both a seasonally adjusted and unadjusted
basis. It was the fifth straight week of improvement, and the index, which was
down by as much as 35 percent from a year earlier in much of April has narrowed
that gap to 1.5 percent. MBA's Market Composite
Index, a measure of overall application volume, was down 2.6 percent on a
seasonally adjusted basis and 2 percent unadjusted, dragged down by the 5th
consecutive decline in refinancing. The Refinancing Index fell back by 6
percent compared to the prior week, but was still 160 percent higher than
during the same week in 2019. Refinancing applications accounted for 64.3
percent share of the total, down from 67.0 percent the previous week.
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