Mortgage Applications Increase

Mortgage applications increased 11.6 percent on a seasonally adjusted basis from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending October 17, 2014. The Market Composite Index, the MBA’s measure of mortgage loan application volume, showed that on an unadjusted basis there was an increase of 12 percent compared with the previous week. The Refinance Index increased 23 percent from the previous week to the highest level since November 2013. The seasonally adjusted Purchase Index decreased five percent from one week earlier. “Continuing concerns about weak economic growth in Europe and a few US economic indicators that came in below expectations caused a flight to quality into US Treasuries last week, leading to sharp drops in interest rates,” said Mike Fratantoni, MBA’s Chief Economist. The survey covers over 75 percent of all U.S. retail residential mortgage applications.


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