Big Rebound in Refinance Applications

Posted To: MND NewsWireMortgage applications rose during the week ended October 19, an increase the Mortgage Bankers Association (MBA) attributed to a rebound from the Columbus Day holiday the previous week. Results for the week ended October 12 had not included any adjustment to account for the holiday. The MBA’s Market Composite Index, a measure of application volume, was up 4.9 percent on a seasonally adjusted annual basis compared to the previous week. The unadjusted version moved 5 percent higher. The recovery in refinance applications was especially strong . That index gained 10 percent compared to the week ended October 12 and refinancing applications accounted for 39.8 percent of total applications, up from 38.1 percent. The seasonally adjusted Purchase Index moved higher again after retrenching for two straight…(read more)Forward this article via email:¬†¬†Send a copy of this story to someone you know that may want to read it.

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Michael Ayoub, Author NMLS ID 6631