Home Purchase Activity up 9% Despite a Slow Holiday Week
Posted To: MND NewsWire
There was the usual disruption to mortgage application activity during the Thanksgiving holiday week that ended November 27, although the volume, especially of purchase applications held up relatively well.
The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of mortgage loan application volume, eased back by 0.6 percent on a seasonally adjusted basis from one week earlier and was down 32 percent absent adjustment.
During Thanksgiving week in 2019 the adjusted Index fell by more than 9.2 percent. The Refinance Index decreased 5 percent from the previous week but was 102 percent higher than the same week one year ago. The refinance share of mortgage activity decreased to 69.5 percent of total applications from 71.1 percent the previous week. The seasonally adjusted…(read more)
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