Refinancing Share Tumbles to 7-1/2 Year Low

Posted To: MND NewsWire

Mortgage activity increased during the week ended February 3, with applications for both purchase and refinance mortgages pulling in small gains . The Mortgage Bankers Association's (MBA's) Market Composite Index, a measure of application volume rose 2.3 percent, on a seasonally adjusted basis, compared to the week ended January 27 and was 6.0 percent higher before adjustment. The Refinance Index gained 2 percent compared to the previous week and the share of mortgage activity decreased from 49.4 percent a week earlier to 47.9. It was the smallest share of refinancing since June 2009. The seasonally adjusted Purchase Index added 2 percent from week-earlier levels and was up 9 percent unadjusted. The index was 4 percent higher than during the same week in 2016. Refi Index vs 30yr Fixed Purchase...(read more)

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