Mortgage Application Volume Declines
The Mortgage Bankers Association reports that for the week ending April 21, "The Market Composite Index, a measure of mortgage loan application volume, was 548.6, a decrease of 3.7 percent on a seasonally adjusted basis from 569.6 one week earlier. On an unadjusted basis, the Index decreased 3.2 percent compared with the previous week and was down 22.4 percent compared with the same week one year earlier."
"The refinance share of mortgage activity increased to 36.7 percent of total applications from 36.4 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 28.2 percent of total applications from 28.9 percent the previous week."
To read more: Mortgage Application Volume week ending April 21, 2006