“Dovish” FOMC Statement Bolsters Refi Activity

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Posted To: MND NewsWire

The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of loan application volume, managed a seasonally adjusted 1.3 percent increase during the week ended June 21st as mortgage interest rates continue to drift lower. The index was up 1 percent from the previous week on an unadjusted basis. Refinancing remained strong, accounting for 51.5 percent of total applications compared to 50.2 during the week ended June 14. The Refinance Index increased 3 percent. The seasonally adjusted Purchase Index lost 1 percent from its previous level and the unadjusted index was down 2 percent. It remained 9 percent higher than during the same week in 2018. Refi Index vs 30yr Fixed Purchase Index vs 30yr Fixed “Markets last week reacted to a more dovish FOMC statement and forecast,…(read more)

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