Mortgage applications fall in latest survey

The Scotsman Guide - Victor Whitman - 22 February 2017

Mortgage applications fell for the second consecutive week on higher rates, the Mortgage Bankers Association reported.

For the week ending Feb. 17, MBA’s composite index fell 2 percent seasonally adjusted. Refinance applications dropped by 1 percent seasonally adjusted to the lowest level in a month, and purchase activity fell by 3 percent, the trade group reported.

The refinance share of mortgage activity fell 70 basis points to 46.2 percent, the lowest level since November 2008.  

"Rates were up last week as markets assessed that [the Federal Reserve] might increase rates sooner than expected on the strength of a recent pick-up in inflation readings," said Joel Kan, an analyst with the trade group.