Refi Applications at 8-Year Low


Posted To: MND NewsWire

Mortgage activity slowed again last week. The Mortgage Bankers Association said its Market Composite Index, which measures the volume of mortgage loan applications, was down on a seasonally adjusted basis by 2.7 percent during the week ended May 11 compared to a week earlier. It was the fourth consecutive week the composite lost ground. The index was down 3.0 percent on an unadjusted basis. Both the adjusted and unadjusted Purchase Indices fell 2 percent. The unadjusted index remained 4.0 percent higher than during the same week in 2017. Refi Index vs 30yr Fixed Purchase Index vs 30yr Fixed Refinancing volume declined 4.0 percent to its lowest level since August 2008 , while the share of total applications that were for refinancing was 35.9 percent, also the lowest since August 2008. During…(read more)

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