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Mortgage Volume Little-Changed Despite Lower Rates

Mortgage applications suffered their third consecutive decline during the week ended February 1.  The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of application volume, decreased 2.5 percent on a seasonally adjusted basis from the previous week.  On an unadjusted basis the index was up 12 percent from the week ended January 25. That week's results included an adjustment for the Martin Luther King Jr. Day holiday. The seasonally adjusted Purchase Index was also down for the third time, falling 5.0 percent from the previous week. 

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