Mortgage Industry News
« Return to Mortgage Industry News
Amazing Winning Streak For Home Purchase Applications Finally Levels Off
Wednesday, June 24, 2020
The nine-week
string of increases in purchase mortgage applications came to an end last week
and refinancing volume pulled back as well. Consequently, the Mortgage Bankers
Association's (MBA's) Market Composite Index, a measure of overall application volume
during the week ended June 19 dropped significantly, down 8.7 percent on a
seasonally adjusted basis. The index was 9.0 percent lower before adjustment. The seasonally
adjusted Purchase Index decreased 3.0 percent from one week earlier. The
unadjusted Purchase Index fell by 4.0 percent but was still up 18.0 percent compared
to the same week in 2019. The Refinance
Index dropped 12 percent from the previous week and was 76 percent higher than
the same week one year ago. Applications for refinancing represented 61.3
percent of the total compared to 63.2 percent the previous week.
Read Full Article