Interest Rate Reprieve Drives Higher Volumes

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Posted To: MND NewsWire

The dip in mortgage rates reported by the Mortgage Bankers Association (MBA) for the week ended June 1 was small compared to the 10-basis point decline reported by Freddie Mac for the same period, but it did seem to spur increased mortgage activity . MBA said its Market Composite Index, a measure of loan application volume, was up on a seasonally adjusted basis by 4.1 percent. The business week was shortened by the Memorial Day holiday, so data also saw an adjustment to account for that event. Applications declined by 7.0 percent on a non-adjusted basis compared to the previous week. Refi Index vs 30yr Fixed Purchase Index vs 30yr Fixed The Refinancing Index moved higher for the first time since mid-April, up 4.0 percent from the previous week. The share of applications that were for refinancing…(read more)

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