Mortgage Apps: Refinancing Revives as Rates Retreat

Mortgage rates continued to slide during the week ended March 15 and the volume of mortgage application activity picked up in response. The Mortgage Bankers Association said its Market Composite Index, a measure of mortgage loan application volume, increased 1.6 percent on a seasonally adjusted basis from the previous week and was up 2 percent on an unadjusted basis. It was refinancing that drove the numbers for the week with that index rising 4 percent. The share of refinancing also grew slightly from to 38.6 percent of the total during the week ended March 8 to 39.2 percent. Purchase applications rose a modest 0.3 percent on a seasonally adjusted basis while the unadjusted Purchase Index was up by 1.0 percent both from the prior week and from the same week in 2018. Refi Index vs 30yr Fixed...(read more)

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