Mortgage Applications, Interest Rates Continue to Climb

The Market Composite Index, a measure of mortgage loan application volume, increased 0.3 percent on a seasonally adjusted basis from one week earlier. The Refinance Index increased 2 percent from the previous week. The seasonally adjusted Purchase Index decreased 1 percent from one week earlier. The refinance share of mortgage activity remained unchanged from the previous week at 41.8 percent of total applications. The adjustable-rate mortgage (ARM) share of activity increased to 7.3 percent of total applications, its highest level since June 2017.

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Source: Banker & Tradesman