Rate Spike Ends Refi Rally

Posted To: MND NewsWire

After two straight weeks of solid refinance-driven growth, mortgage application volume retreated during the week ended February 19. The Mortgage Bankers Association (MBA) said that its Market Composite Index dipped 4.3 percent on a seasonally adjusted basis from the week ended February 12 and was down 12 percent on an unadjusted basis. The week's results included an adjustment to account for a workweek shortened by the President's Day holiday. Refinancing pulled back 8 percent from the previous week's level and the refinancing share of mortgage applications fell from 64.3 percent to 61.0 percent. This was undoubtedly due to a reversal of previously declining mortgage rates although the MBA's method of accounting for holiday-shortened weeks may also be contributing to the swing. "Keep in mind...(read more)

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