Tag Archives: Mortgage applications drop 2.9% on Fed’s forecast

Mortgage applications declined last week as the market braced for another two years of low, short-term interest rates, an industry trade group said Wednesday. The Mortgage Bankers Association’s market composite index — a measure of loan application volume — fell 2.9% on a seasonally adjusted basis from a week earlier. The refinance index fell 3.6% from the previous week and the seasonally adjusted purchase index declined 1.7%. The refinance share of mortgage activity fell to 80% of total applications, compared to 81.3% the previous week. “The Federal Reserve surprised the […]