Posted To: MND NewsWire

Even with some interest rates ticking higher, both purchase and refinance activity increased last week. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of mortgage loan application volume, increased 4.1 percent on a seasonally adjusted basis from one week earlier and was up 4.0 percent unadjusted. It was the third consecutive week of gains. Refinancing put in the stronger performance, that index increased 5 percent from the previous week and was 122 percent higher than the same week in 2019. The refinance share of mortgage activity rose to 64.8 percent of total applications from 64.2 percent the previous week. The Purchase Index was up 2.0 percent on both an adjusted and unadjusted basis. It was 19 percent higher year-over-year. Refi Index vs 30yr Fixed Purchase…(read more)

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Source: Mortgage News Daily