Higher
interest rates drove the volume of mortgages applications lower again last
week. The Mortgage Bankers Association (MBA) said its Market Composite Index, a
measure of that volume, decreased 3.7 percent on a seasonally adjusted basis during
the week ended April 9. On an unadjusted basis, the Index was down 3 percent
compared with the previous week
. The
Refinance Index was 5 percent lower
week-over-week and 31 percent below its
level during the same week in 2020. The refinance share of mortgage activity
decreased to 59.2 percent of total applications from 60.3 percent the previous
week. The seasonally adjusted Purchase Index dipped 1 percent on both an
adjusted and unadjusted basis and was 51 percent higher than the same week one
year ago.

 

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