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News, Page 45

mortgage loan Rates Ticked Higher Last Week

The Mortgage Bankers Association report on mortgage applications noted a week-over-week decrease in the group’s seasonally adjusted composite index for the week ending January 23.

Weekly mortgage applications drop on tiny rate bump

Total volume dropped 3.2 percent for the week ending January 23 on a seasonally adjusted basis, according to the Mortgage Bankers Association (MBA). The results include an adjustment for the Martin Luther King holiday as well. After huge gains at the beginning of this month, mortgage applications are still up a striking 36 percent from a year ago.