Biggest Week-Over-Week Jump in Refi Applications… EVER!

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Posted To: MND NewsWire

There was a nearly incomprehensible surge in mortgage applications during the week ended March 6 as mortgage rates hit near record lows. According to the Mortgage Bankers Association (MBA), while purchase applications had a better than average week, refinancing was at an 11-year high. MBA said its Market Composite Index, a measure of mortgage loan application volume, increased 55.4 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index rose by 54 percent. The Refinance Index gained 79 percent from the previous week and was 479 percent higher than the same week one year ago. Both the Refinancing and the Composite indices were at their highest level since April 2009. The share of applications that were for refinancing rose to 76.5 percent of total applications…(read more)

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