Posted To: MND NewsWire

Mortgage application volume continues to benefit from lower interest rates. The Mortgage Bankers Association (MBA) said today that its Market Composite Index, a measure of that volume, reached its highest level since May 2013 last week. The 5.0 percent gain in the seasonally adjusted index during the week ended January 31 was solely due to strength on the refinancing side. Of note, the previous week was shortened by the Martin Luther King holiday and MBA adjusted the week’s results to account for the event. On an unadjusted basis the index, a measure of mortgage application volume, rose 20 percent compared with the previous week. The Refinance Index jumped by 15 percent to its highest level since June 2013 – and was 183 percent higher than the same week in 2019. Applications for refinancing…(read more)

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Source: Mortgage News Daily