Mortgage Applications: Decline in Purchases Offset by Refinance Gains.

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Posted To: MND NewsWire

Refinancing made a tiny bit of a comeback during the week ended July 13. Both the Refinancing Index, a component of the Mortgage Bankers Associations (MBAs) Market Composite Index, and the share of applications that were for refinancing regained some ground after retreating during the previous three weeks. The overall Composite Index, a measure of mortgage volume, declined by 2.5 percent on a seasonally adjusted basis, giving back all of its gains from the prior week . On an unadjusted basis the index was up 22 percent from the week ended July 6 due to the adjustments made by MBA to account for the Independence Day holiday. The Refinance Index increased 2 percent from the previous week and 36.5 percent of applications received were for refinancing. The prior week refinancing had a 34.8 percent…(read more)

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