Mortgage Applications: Refi Index Pulls Out of Slump

Posted To: MND NewsWireLast week’s mortgage application activity was the best since early July as interest rates for most products drifted lower for the second week. The Mortgage Bankers Association said its Market Composite Index, a measure of mortgage loan application volume, rose 4.2 percent on a seasonally adjusted basis during the week ended August 17, the first positive reading in six weeks. On an unadjusted basis, the Index gained 3 percent compared with the previous week. Most of the increase came from a boomlet in refinancing. The Refinance Index was up 6 percent from the previous week and the share of applications that were for refinancing increased from 37.6 percent the previous week to 38.7 percent. The seasonally adjusted Purchase Index rose by 3 percent and the unadjusted version increased 1 percent…(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