Refinancing Applications Plunge as Rates Tick Up

Posted To: MND NewsWire

Mortgage applications took a significant downturn during the week ended July 22 as mortgage rates moved off of historic lows. The Mortgage Bankers Association said its Market Composite Index, a measure of that applications volume, plunged 11.2 percent on a seasonally adjusted basis and 11 percent unadjusted from volume during the week ended July 15. Refinancing was the most seriously affected. MBA's Refinance Index decreased 15 percent from the previous week and the share of refinancing applications slipped from 64.2 percent to 61.1 percent. Applications for purchase mortgages were down less significantly. The seasonally adjusted Purchase Index decreased 3 percent from one week earlier to the lowest level since last February 2016 and the unadjusted Purchase Index was also 3 percent lower than...(read more)

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