Posted To: MND NewsWire

Refinancing rebounded during the week ended November 5, driving the volume of mortgage applications to their largest week-over-week increase since late July . The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of that volume, gained 5.5 percent on a seasonally adjusted basis and 5.0 percent unadjusted The Refinance Index moved higher for the first time since the week ended September 17, rising 7.0 percent compared to the prior week but it was 28 percent lower than the same week one year ago. The refinance share of mortgage activity increased to 63.5 percent of total applications from 61.9 percent during the week ended October 29. The Purchase Index was up 3.0 percent on an adjusted basis and 0.1 percent unadjusted. It lagged the index for the same date in 2020…(read more)

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Source: Mortgage News Daily