Posted To: MND NewsWire
The rate drop that kicked in immediately after the June 23 Brexit vote in the United Kingdom was reflected, dramatically so, in the volume of mortgage applications the following week. The Mortgage Bankers Association's (MBA's) Market Composite Index, a measure of that volume, soared during the week ended July 1. And rates fell even farther. The Index rose 14.2 percent on a seasonally adjusted basis compared to the week ended June 24 and was up 14 percent unadjusted. The increase was driven largely by a 21 percent surge in the Refinance Index while the refinance share of applications rose 3 percentage points to 61.1 percent. It was the highest share of applications for refinancing since February. The near record low rates also stimulated, although to a lesser extent, purchase mortgage applications...(read more) Forward this article via email: Send a copy of this story to someone you know that may want to read it.
from Mortgage News Daily http://ift.tt/29nkiAN
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