Refi Apps Rebound, Helping Offset Purchase Pull-Back

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Posted To: MND NewsWire

Refinancing shored up the Mortgage Bankers Association’s Market Composite Index during the week ended May 19. While purchase mortgages slowed , the Composite still managed a 4.4 percent increase from the previous week on a seasonally adjusted basis and a 3.0 percent gain unadjusted. The Refinance Index has been erratic but generally trending down for months. It surged by 11 percent compared to the week ended May 12, reaching its highest level since March. The refinance share of applications came off a nine-year low of 41.1 percent the previous week, growing to 43.9 percent, the largest share in two months. Purchase mortgage applications declined, edging 1 percent lower on a seasonally adjusted basis and 2 percent unadjusted. The index remained 3 percent above the level one year earlier. Refi…(read more)

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