Posted To: MND NewsWire

Refinancing continues to dominate mortgage activity, spurred by another dip in mortgage rates. The Mortgage Banker Association (MBA) said the volume of loan applications rose during the week ended January 24 even though some businesses were impacted by the Martin Luther King holiday. MBA’s Market Composite Index, a measure of mortgage loan application volume, increased 7.2 percent on a seasonally adjusted basis from the week ended January 17. The index was adjusted to account for the week’s holiday. The index was 1.0 percent lower before adjustment. The Refinance Index increased 8 percent from the previous week and was 146 percent higher than the same week one year ago. The refinance share of overall activity decreased to 60.4 percent of total applications from 61.6 percent the previous week…(read more)

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Source: Mortgage News Daily