After its 5.8
percent jump the previous week, the Mortgage Bankers Association’s (MBA’s)
Market Composite Index, a measure of mortgage application volume, fell back during
the week ended November 12 as rates ticked higher. The index fell 2.9 percent
on a seasonally adjusted basis and was down 4 percent before adjustment. As was the surge
the prior week, the decline was driven by the Refinance Index which decreased 5
percent from the previous week and was 31 percent lower than the same week one
year ago. The refinance share of mortgage activity decreased to 62.9 percent from
63.5 percent the previous week.  


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