Refi Apps Surge, Thanks to Timing

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Posted To: MND NewsWire

A slight downturn in mortgage interest rates during the week ended August 5 was more than matched by a surge in mortgage activity. Once again it was refinancing that drove most of the across-the board increase in application volume as measured by the Mortgage Bankers Association (MBA) Market Composite Index. The Composite index increased 7.1 percent on a seasonally adjusted basis from the week ended July 29 and 7.0 percent on an unadjusted basis. It was the first time the adjusted index had gained ground since the week ended July 8. The Refinancing Index jumped 10 percent from the previous week and the share of applications that were for refinancing advanced from 60.7 percent a week earlier to 62.4 percent. The Conventional Refinance Index was up 6 percent and the Government Refinance Index…(read more)

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