Government Applications and TRID Drive Application Volatility

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Posted To: MND NewsWire

The Mortgage Bankers Association (MBA) said that increases in applications for both FHA and VA mortgages were behind a jump in its Market Composite Index during the week ended October 16. The index increased 11.8 percent on a seasonally adjusted basis compared to the week ended October 9. On an unadjusted basis the index was up only 1 percent. The recent week's data included an adjustment to account for the Columbus Day holiday. Applications for FHA mortgage increased to 14.3 percent of all applications from 12.6 percent the previous week and the VA share increased from 11.5 percent to 12.7 percent. The USDA share of total applications also inched up to 0.6 percent from 0.5 percent the prior week. "On an adjusted basis, application volume increased last week, led by a sharp rebound in government...(read more)

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Source: http://www.mortgagenewsdaily.com/10212015_application_volume.asp

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