Refi Applications Strengthened on Last Week's Lower Rates

Posted To: MND NewsWire

A decline in purchase mortgage applications cancelled out most of a moderate increase in refinancing during the week ended July 21. Nonetheless, the Mortgage Bankers Association said its Market Composite Index eked out a slight gain. The Index was up 0.4 percent on a seasonally adjusted basis and 1.0 percent unadjusted. The Refinance Index rose for the second straight week, increasing by 3.0 percent compared to the week ended July 14. The refinance share of the business was 46.0, up from 44.7 percent the prior week. The Purchase Index declined by 2.0 percent on both a seasonally adjusted and an unadjusted basis. The unadjusted Purchase Index was 8.0 percent higher than the same week in 2016. Refi Index vs 30yr Fixed Purchase Index vs 30yr Fixed Both the FHA and the VA share of applications...(read more)

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