The volume of mortgage applications declined 2.5% for the week ending Sept. 11, 2020, according to the Mortgage Bankers Association's weekly survey, released Wednesday
The market composite index, which measures mortgage loan application volume, increased by 2.9% on a seasonally adjusted basis. On an unadjusted basis, the index rose by 2.0%
The decline in loan application activity may be a result of rising coronavirus cases in many states, as well as the delay of a new government-issued stimulus package
Refinance rates increased by 0.4% week over week and by a whopping 111% year over year, according to data from the Mortgage Bankers Association released Wednesday
Survey shows mortgage applications are up for the 4th consecutive week