Refinance Applications Near 18-Year Low

Posted To: MND NewsWire

Mortgage rates surged significantly during the week ended May 18, sending mortgage activity skidding for the fifth straight week . The Mortgage Bankers Association (MBA) says its Market Composite Index, a measure of mortgage loan application volume, dropped by 2.6 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis there was a 3 percent decline. The seasonally adjusted Purc h ase Index decreased 2 percent from one week earlier. The unadjusted Purchase Index decreased 3 percent compared with the previous week but remained 3 percent higher than the same week in 2017. Refinance activity hit a near 18-year low . The Refinance Index declined another 4 percent compared to the previous week, to its lowest level since December 2000. Refinancing also continues to lose...(read more)

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