Rate Reversal Helps Market Share for Refinances

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Posted To: MND NewsWire

Mortgage application activity was generally muted last week accoording to the Mortgage Bankers Association (MBA). Where there were changes in the MBA’s Market Composite Index, they were small and without much direction. The Index, a measure of mortgage loan application volume, was unchanged on a seasonally adjusted basis from one week earlier, the first time since at least mid-2013 that the index has failed to make even a fractional move. On an unadjusted basis the index was down 1 percent. The Refinance Index declined by 1 percent compared to the week ended October 27 and the refinance share of mortgage activity inched up to 49.0 percent from 48.7 percent. The seasonally adjusted Purchase Index rose 1 percent and fell 2 percent on an unadjusted basis. Purchase mortgage volume was 9 percent…(read more)

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