Refinances Help Mortgage Applications Advance

Posted To: MND NewsWire

Declining rates, in one case returning to July 2016 levels, stoked mortgage application activity during the week ended September 30. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of application volume, increased 2.9 percent on a seasonally adjusted basis compared to the week ended September 23. Unadjusted the index increased 3.0 percent. The Refinance Index increased by 5 percent from the previous week and the share of refinancing applications increased to 63.8 percent of total activity, up from 62.7 percent a week earlier. Purchasing applications lagged those of the previous week, dipping 0.1 percent on a seasonally adjusted basis and 0.2 percent unadjusted. The unadjusted index fell below year-ago levels for the first time since July, down 14 percent. Refi...(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/2e1DiqD