Mortgage Applications Fell Despite Decline in Rates
Application volume decreased 1.2% after rising in six of the previous seven weeks.
Application volume decreased 1.2% after rising in six of the previous seven weeks.
Volume of mortgage applications rose for the sixth time in seven weeks.
The 30-year fixed rate increased 13 basis points to 6.43%.
MBA's Market Composite Index increased 5.3% on a seasonally adjusted basis.
The Market Composite Index decreased 4.1% as both purchase and refi applications fell.
The MBA's Market Composite Index increased 2.9% on a seasonally adjusted basis.
Increase came as mortgage rates decreased for the second week in a row.
Both refis and purchase loans rose; MBA also revises data for previous seven weeks.
Both purchase an refinance volume fell as mortgage rates rose again.