Refinancing Volume Picks Up as Rates Push 2017 Lows

Posted To: MND NewsWire

A resurgence in refinancing drove the volume of mortgage applications higher during the week ended September 1. The Mortgage Bankers Association said its Market Composite Index, a measure of application volume, increased 3.3 percent on a seasonally adjusted basis when compared to the week ended August 25. On an unadjusted basis, the index increased by 2.0 percent. The Refinance Index was up 5 percent , the sixth increase in the last eight weeks. The refinance share of mortgage activity tipped over the half-way mark for the first time since January 13, rising from 49.4 percent to 50.9 percent. The seasonally adjusted Purchase Index gained 1 percent week-over-week, but was down 1 percent on an unadjusted basis. Purchase activity was 5 percent higher than the same week in 2017. Refi Index vs 30yr...(read more)

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