Refinancing Volume Pulls Back as Rates Rise

The volume of mortgage applications fell back slightly last week. The Mortgage Bankers Association (MBA) said its Market Composite Index was down 1.9 percent on a seasonally adjusted basis during the week ended January 15 compared to the prior reporting period. On an unadjusted basis the index lost 1.0 percent. The seasonally adjusted Purchase Index rose 3.0 percent from one week earlier and was 9.0 percent higher on an unadjusted basis. Purchase applications were up 15 percent year-over-year. Those gains were offset by a 5.0 percent decline in the Refinance Index although it remained 87 percent higher than during the same week in 2020. Applications for refinancing composed 72.3 percent of the total, down from 74.8 percent the previous week. "Mortgage rates increased across the board last week...(read more)

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