Refinancing up as Jumbo Rates hit 5-Year Low

Posted To: MND NewsWire

Refinancing gained ground as interest rates fell during the week ended June 17. The Mortgage Bankers Association (MBA) reported that refinancing rebounded to a 57.7 percent share of all applications compared to 55.3 percent the previous week as interest rates eased down, at least one product setting a new five-year low. The Market Composite Index, a measure of total mortgage loan application volume, was up 2.9 percent on a seasonally adjusted basis from the previous week and increased 2.0 percent on an unadjusted basis. The increase was driven by MBA's Refinancing Index which increased 7 percent from the week ended June 10. The seasonally adjusted Purchase Index decreased 2 percent and the unadjusted Purchase Index was down 4 percent from a week earlier while the unadjusted index was 12 percent...(read more)

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