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MORTGAGE LOAN APPS INCREASE, ARMS AT HIGHEST LEVEL IN MORE THAN THREE YEARS
| The Market Composite Index, a measure of mortgage loan applications for purchases and refinancings, increased by 5.9 percent to 663.2 on a seasonally adjusted basis for the week ending Nov. 14 compared to 626 one week earlier, according to a Mortgage Bankers Association (MBA) report released today. On an unadjusted basis, the Index decreased by 6.6 percent for the week ending Nov. 14 compared with the previous week and was down 51.9 percent compared with the same week one year earlier. The refinance share of mortgage activity decreased to 48.1 percent of total applications for the week ending Nov. 14, compared to 50.9 percent the previous week, according to the report. The adjustable-rate mortgage (ARM) share of activity increased to its highest level in more than 3.5 years to 27.5 percent for the week ending Nov. 14 from 26.6 percent the previous week. |