Refinance Share Back to 2008 Levels

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Posted To: MND NewsWire

Mortgage applications saw a third straight decline in volume during the week ended March 24. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of that volume, was down 0.8 percent on a non-seasonally adjusted basis compared to the previous week, and 0.4 percent week unadjusted. Applications for purchase mortgages increased during the week, but those gains were offset by further erosion in refinancing; the Refinance Index fell by 3 percent for the second consecutive week. The seasonally adjusted Purchase Index rose 1 percent from the week ended March 17 and the unadjusted Index was up 2 percent. The Purchase Index was 4 percent higher than during the same week in 2016. Refi Index vs 30yr Fixed Purchase Index vs 30yr Fixed Refinancing also lost more market share…(read more)

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