Refinance Activity Undeterred by Short Holiday Week

Posted To: MND NewsWire

Record low interest rates coupled with a major American holiday made for a bit of chaos as regards mortgage applications. The Mortgage Bankers Association (MBA) reported its Market Composite Index, a measure of application volume, posted an increase of 7.2 percent on a seasonally adjusted basis during the week ended July 8 while the index was down 14 percent unadjusted. The week's results included an adjustment to account for the Fourth of July holiday. The Refinance Index, which is not seasonally adjusted, added to its 14 percent gain during the week ended July 1 by moving up another 11 percent . The refinance share of applications increased to 64.0 percent from 61.6 percent the previous week. The seasonally adjusted Purchase Index was unchanged from one week earlier but was down 20 percent...(read more)

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