Mortgage Rates Match Lowest Levels in Over 2 Weeks

Mortgage application activity moved lower again last week, extending the pullback from January’s earlier burst of demand as weather disruptions and softening purchase activity weighed on overall volume. The Mortgage Bankers Association (MBA) reported that applications declined 8.9% for the week ending January 30. The Market Composite Index fell 8.9% on a seasonally adjusted basis, while rising 4% on an unadjusted basis, highlighting the continued volatility in weekly application data following a period of unusually strong activity earlier in the month. This week, purchase activity took center stage and drove much of the weakness. The seasonally adjusted Purchase Index dropped 14% from the prior week, while unadjusted purchase applications increased 2% but were only 4% higher t