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Mortgage activity cools off

Mortgage application activity fell last week after rising steeply over the previous two weeks, the Mortgage Bankers Association (MBA) reported.

For the week ending Jan. 18, MBA’s composite index was down 2.7 percent over the week.

The refinance index dropped 5 percent from the previous week, and the seasonally adjusted home-purchase index was down 2 percent. The unadjusted purchase index was up by 13 percent compared to a year earlier, however.

“Both purchase and refinance applications saw declines but remained at healthy levels, with the purchase index remaining close to a nine-year high, and the refinance index hovering near its highest level since last spring,” said Joel Kan, MBA’s associate vice president of economic and industry forecasting. Kan said that interest rates rose for most loan types last week. 


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