Mortgage applications were completed last week at a rate that was stronger than the preceding week. Although mortgage rates have risen to a seven-year high, refinance share still reached its widest level in six months.
Consumers interested in obtaining a home loan submitted mortgage applications during the seven days ended Sept. 21 at a pace that was a seasonally adjusted 2.9 percent greater than the previous week. Activity has improved two weeks in a row.
That was based on the Market Composite Index, which moved higher by just 2 percent when seasonal factors are disregarded. The index is a measure of retail residential loan applications.
Source: Mortgage Daily