MBA: Mortgage applications fall 2.7%

Refinance Index also retreats 5%

Mortgage applications moderately fell for the week ending Jan. 18, 2019, according to the newest data from the Mortgage Bankers Association’s weekly Mortgage Applications Survey.

MBA Vice President of Economic and Industry Forecasting Joel Kan said mortgage application activity cooled off last week after two consecutive weeks of sizable increases.

On an unadjusted basis, the Market Composite index retreated 2.7% from the previous week.

“Both purchase and refinance applications saw declines but remained at healthy levels, with the purchase index remaining close to a nine-year high, and the refinance index hovering near its highest level since last spring,” Kan continued. “Reversing the recent downward trend, borrowers saw increasing rates for most loan types last week, as better-than-expected unemployment claims, easing trade tensions and stabilization in the equity markets ultimately led to a rise in Treasury rates.”

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