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Mortgage Apps on the Rise Again, Driven by Last Week's Low Rates

Posted To: MND NewsWire

Refinancing rebooted again last week, driving overall mortgage applications volume higher after two weeks of dwindling volume. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of that volume, increased 6.8 percent on a seasonally adjusted basis from one week earlier and was 6 percent higher on an unadjusted basis. The Refinance Index jumped by 9 percent compared to the previous week and was 47 percent higher than the same week one year ago. Applications for refinancing accounted for 65.7 percent of the total, up from 63.9 percent the previous week. The seasonally adjusted Purchase Index gained 2 percent from one week earlier and rose 1 percent before adjustment. Purchase mortgage activity was 22 percent higher than the same week one year ago. Refi Index vs 30yr…(read more)

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