Mortgage Applications down slightly
The Mortgage Bankers Association (MBA) announced for the week ending February 3, "The Market Composite Index — a measure of mortgage loan application volume was 619.3 – a decrease of 1.2 percent on a seasonally adjusted basis from 626.8 one week earlier. On an unadjusted basis, the Index increased 2.2 percent compared with the previous week, but was down 16.4 percent compared with the same week one year earlier."
The MBA goes on to say that "The refinance share of mortgage activity decreased to 42.1 percent of total applications from 43.0 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 29.8 percent of total applications from 30.5 percent the previous week."
To read more: Mortgage Application Volume February report.