The Mortgage Bankers Association (MBA)reported today that loan application volume slumped 1.2 percent on a seasonally adjusted basis the week of Feb. 5 from one week earlier. Unadjusted, activity increased 0.6 percent.
Refinancing applications went up 1.4 percent and purchases fell 7.0 percent seasonally adjusted. Unadjusted purchase volume decreased 1.1 percent; it was 7.5 percent lower than the same week one year ago.
The refinance share of mortgage activity grew to 69.7 percent of total applications from 69.2 percent the previous week, and the adjustable-rate mortgage (ARM) share was unchanged at 4.5 percent.
Licensed Associate Real Estate Broker
Senior Vice President
Charles Rutenberg Realty
127 E. 56th Street
New York, NY 10022