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Purchase Apps Still Rising Despite Rate Increases
Wednesday, August 19, 2020
Mortgage rates
rose during the week ending August 14 and, while purchase applications sustained
some of their momentum, a slowdown in refinancing pulled overall volume down.
The Mortgage Bankers Association said its Market Composite Index, a measure of that
volume, decreased 3.3 percent on a seasonally adjusted basis from one week
earlier and was 4.0 percent lower on an unadjusted basis. The Refinance
Index decreased 5.0 percent from the previous week and was 38 percent higher
than the same week one year ago. The refinance share of mortgage activity
decreased to 64.6 percent of total applications from 65.7 percent the previous
week. The seasonally
adjusted Purchase Index increased 1 percent from one week earlier but was 1
percent lower on an unadjusted basis. It was 27 percent higher than the same
week one year ago, the 13th straight week of annual improvement.
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