Big Jump in Rates Not Hitting Mortgage Apps... Yet

Hot news from AZ Home Help:

Posted To: MND NewsWire

Mortgage rates rose sharply during the week ended November 6. Most contract rates had an average basis point increase near double digits, returning to levels last seen in August and September. Mortgage application volume declined, but the overall response was unremarkable with most components dipping only a percentage point or two. The Mortgage Bankers Association (MBA) reported that its Market Composite Index, a measure of application volume, was down 1.3 percent from the week ended October 30 on a seasonally adjusted basis and decreased 2.0 percent unadjusted. MBA headlined its press release "Refinance Applications Decrease" and they did, although by only 2 percent from the previous week while the refinance share of applications inched up by 10 basis points to slightly under 60 percent. The...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

Source: http://www.mortgagenewsdaily.com/11112015_application_volume.asp

- For more real estate news visit our website at http://www.AzHomeHelp.com