The
solid 8.6 percent increase in mortgage application volume during the week ended
April 16, only the fourth gain thus far in 2021, was short lived. The Mortgage
Bankers Association reports that its Market Composite Index resumed a downward
trend during the week ended April 23 even though mortgage rates moved lower. The
index, a measure of mortgage application volume, decreased 2.5 percent on a
seasonally adjusted basis and 2 percent unadjusted compared with the previous
week. The Refinance
Index decreased 1 percent from the previous week and was 18 percent lower than
the same week one year ago. Applications for refinancing remain the majority; the
share last week increased to 60.6 percent of total applications from 60.0
percent the previous week. The seasonally
adjusted Purchase Index dropped by 5 percent from one week earlier and 4
percent unadjusted. It was 34 percent higher than the same week in 2020.  

 

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