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Mortgage applications fall

Mortgage applications fell last week on an uptick in rates, the Mortgage Bankers Association (MBA) reported.

MBA’s adjusted composite index was down 3 percent for the week ending Jan. 25. The latest survey adjusts for the Martin Luther King Jr. Day holiday.

The refinance index was down 6 percent, whereas the seasonally adjusted purchase index fell 2 percent. On an unadjusted basis, purchase applications were down 6 percent, and 7 percent lower than the same week a year ago.

“After two weeks of decreases, the purchase index still remained roughly 6 percent above its long-run average, which is good news with the spring buying and selling season almost underway,” said Joel Kan, MBA’s associate vice president of industry surveys. “Despite ongoing supply and affordability constraints, the healthy job market and underlying demographic fundamentals both point to gradual purchase growth in the coming months.”

Kan further noted that refinance activity has ticked up over the past few weeks, but only a small percentage of borrowers stand to gain with rates at the current level.

The refinance share of mortgage activity fell 2.5 percentage points over the week to 42 percent of total applications. 


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