Everyone is Still Refinancing; FHA Refis at 3 Year High

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Posted To: MND NewsWire

Mortgage applications activity recovered strongly during the week ended December 6 after the usual Thanksgiving week lull. The Mortgage Bankers Association (MBA) said its Market Composite Index, which measures the volume of mortgage applications, increased 3.8 percent on a seasonally adjusted basis from the week ended November 29 and was 47 percent higher on an unadjusted basis. The earlier week’s data had been adjusted to account for the holiday. Refinancing continues to drive the market . The share of those applications made up 62.5 percent of the total submitted during the week, up from 59.0 percent the prior week. The Refinance Index rose 9 percent week-over-week and was 146 percent higher than the same week in 2018. The seasonally adjusted Purchase Index decreased 0.4 percent from one…(read more)

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