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by CareyBot

The number of mortgage applications grew last week despite the credit crunch currently impacting the lending industry, the Mortgage Bankers Association reported today. The market composite index, which measures total home loan application volume, was up 3.4 percent last week on a seasonally adjusted basis from the week before. Leading the uptick in activity was the index that tracks loans for new purchases, which rose 3.9 percent during the period, followed by the refinance index, which increased 2.6 percent. "Recent upheavals in the mortgage industry may be temporarily increasing the level of retail application activity at the large lenders that participate in the MBA survey rather than representing a systemwide increase," said Doug Duncan, MBA's chief economist and senior vice presi...