Purchase Mortgage Volume Manages Small Gains; Rates Surge Well Into 7-Year Highs

As mortgage interest rates moved higher during the week ended September 28, with small increases carrying most to new seven year highs, application activity almost froze in place. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of application volume, was unchanged from the prior week on a seasonally adjusted basis and lost 0.2 percent on an unadjusted basis. The Refinancing Index decreased 0.1 percent from the previous week. The share of applications that were for refinancing was unchanged from the week ended September 21 at 39.4 percent. The seasonally adjusted Purchase Index eked out a 0.1 percent increase , extending to five weeks its streak of mainly tiny gains. On an unadjusted basis the measure declined 0.2 percent from the previous week's level and was

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http://www.mortgagenewsdaily.com/reports/newsletter/2018/10/3/3576