Application Volume Falters as Rates Inch Upward

" ADVERTISEMENTS Raw mortgage application volume decreased 9.8 percent for the week ending Jan. 16, according to a weekly survey released Thursday by the Mortgage Bankers Association. The MBA’s refinance index also showed a decrease of 12.4 percent in raw refi applications, which have been gaining in popularity as mortgage interest rates crept downward in recent months. The refi share of raw mortgage activity decreased to 83.3 percent from the 85.3 percent reported for the previous week. The MBA’s purchase application increased 2.5 percent, with conventional purchase applications up 2.8 percent and government purchase activity — think, FHA loans — up 1.8 percent for the same week. "