Posted To: MND NewsWire

There was a new round of interest rate cuts during the week ended February 21, but consumers largely ignored the additional potential for refinancing. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of mortgage volume, increased by 1.5 percent from the previous week on an unadjusted basis, but was down 7 percent on an unadjusted basis. The increase in the adjusted index may have, in part, been because of an adjustment to account for the Presidents’ Day Holiday which shortened the week. The refinance share of mortgage activity fell to 60.8 percent of all applications from 63.2 percent the previous week. The Refinance Index dropped 7 percent although it remained 156 percent higher than during the same week in 2019. Purchase mortgage applications did increase…(read more)

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Source: Mortgage News Daily