General World News

Mortgage applications drop for second straight week

The Mortgage Bankers Association reported that applications decreased 1.2% during the week ending Dec. 4 in its latest weekly survey — the second straight week of application decreases.

The refinance index and the unadjusted purchase index did increase, however, jumping 2% and 29% respectively from the previous week. The refinance index is up 89% from the previous year, according to Joel Kan, MBA’s associate vice president of industry and economic forecasting.

“The increase in refinance applications was driven by FHA and VA refinances, while conventional activity fell slightly,” he said. “The purchase market is also poised to finish 2020 on a details ⇒

BusinessMediaguide.Com portal received this content from this noted web source: HousingWire.Com