Major drop due to homeowners cutting back on refinancing.
The Mortgage Bankers Association said Wednesday that its market composite index fell 14.4% for the week ended Nov. 12, with a 16.5% drop in refinance applications. The index declined 15% on an unadjusted basis. The numbers once again represent a large swing from the prior week when the overall index rose 5.8% and refinancings climbed 6%.
Read it all"Rates increased sharply last week due to stronger economic data and lingering uncertainty regarding the structure and impact of the Fed’s QE2 program," said Michael Fratantoni, MBA vice president of research and economics. "Mortgage applications, particularly for refinances, dropped in response."
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