Posted To: MND NewsWire

An increase in refinancing carried overall applications onto the plus side of the ledger during the week ended October 30. The Mortgage Bankers Association (MBA) said its Mortgage Applications Survey found a slight decline in purchase applications but a significant gain in refinancing compared to the previous week. This resulted in an increase of MBA’s Market Composite Index, a measure of mortgage loan application volume, of 3.8 percent on a seasonally adjusted basis from one week earlier and 3.0 percent on an unadjusted basis. The Refinance Index rose 6 percent from the previous week and was 88 percent higher than the same week one year ago. The refinance share of mortgage activity increased to 68.7 percent of total applications from 66.7 percent during the week ended October 23. The seasonally…(read more)

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Source: Mortgage News Daily