Mortgage Apps Jump Back Up, Borrowers Rush to Refi

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Posted To: MND NewsWire

The volume of mortgage applications rebounded sharply last week as homeowners rushed to refinance in response to another drop in mortgage rates. The Mortgage Bankers Association (MBA) said its seasonally adjusted Market Composite Index, a measure of that volume jumped 8.1 percent during the week ended September 27, recovering from a 10.1 percent decline the prior week. The unadjusted index rose 8.0 percent. The Refinance Index increased 14 percent from the previous week and was 133 percent higher than the same week one year ago. The refinance share of mortgage activity increased to 58.0 percent of total applications from 54.9 percent the previous week. Both the adjusted and the unadjusted Purchase Indices rose 1 percent from the previous week. The unadjusted Purchase Index was 10 percent higher…(read more)

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