Mortgage application volume declined for the fifth straight week during the period ending April 2, and by the largest amount over that period. The Mortgage Bankers Association said its Market Composite Index fell by 5.1 percent on a seasonally adjusted basis from the previous week and by 5.0 percent before adjustment.
The Refinance Index was down 5 percent compared to the previous week and was 20 percent lower than the same week one year ago. The refinance share of mortgage activity was 60.3 percent compared to 60.6 percent the previous week. The seasonally adjusted Purchase Index decreased 5 percent as well and the unadjusted index was 4.0 percent lower. Purchases, however, were 51 percent higher than the same week in 2020.
Full article at Mortgage News Daily.