Mortgage Applications Rise 3%; 3rd Straight Weekly Increase
Both refinance and purchase applications increased.
Both refinance and purchase applications increased.
Purchase application volume rose while refis continued to fall.
After 4 weeks of declines, volume jumped more than 7% last week.
Trend continued despite drop in mortgage rates from recent high.
The MBA's Market Composite Index fell 3.7% on a seasonally adjusted basis, the third-straight weekly decline.
The MBA's Market Composite Index decreased 4.6% on a seasonally adjusted basis as mortgage rates rose again.
MBA: Applications fell 5.7% last week, after rising 6.3% the previous week.
MBA says both its purchase and refinance indices rose as 30-year fixed rate fell to 6.48%.
Application volume decreased 1.2% after rising in six of the previous seven weeks.