Investing.com – Applications for mortgages in the United States last week decreased 11% on a seasonally adjusted basis from one week earlier, industry data showed on Wednesday.
The drop in the Mortgage Bankers Association's Market Composite Index, a measure of mortgage loan application volume, came after an increase of 1.3% during the previous week.
The group's Refinance Index, meanwhile, decreased 16.9% from the previous week and its seasonally adjusted Purchase Index increased 0.2% from one week earlier.
Michael Fratantoni, the association's Vice President of Research and Economics, said in a statement that, “Mortgage rates jumped last week as the Federal Reserve completed their purchases of mortgage-backed securities.
“Refinance application volume dropped as mortgage rates reached their highest level since August 2009. Purchase volume was essentially unchanged relative to the prior week going into the Easter weekend.”
Following the release of the data, the U.S. dollar was up against the euro, with EUR/USD trading at 1.3354, down 0.33%.
The drop in the Mortgage Bankers Association's Market Composite Index, a measure of mortgage loan application volume, came after an increase of 1.3% during the previous week.
The group's Refinance Index, meanwhile, decreased 16.9% from the previous week and its seasonally adjusted Purchase Index increased 0.2% from one week earlier.
Michael Fratantoni, the association's Vice President of Research and Economics, said in a statement that, “Mortgage rates jumped last week as the Federal Reserve completed their purchases of mortgage-backed securities.
“Refinance application volume dropped as mortgage rates reached their highest level since August 2009. Purchase volume was essentially unchanged relative to the prior week going into the Easter weekend.”
Following the release of the data, the U.S. dollar was up against the euro, with EUR/USD trading at 1.3354, down 0.33%.