Refinance Volume Retreats from Previous Strong Showing

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Posted To: MND NewsWire

The volume of applications for mortgages tumbled during the week ended May 26. Purchase applications were down for the third straight week and refinancing didn’t sustain the strong bounce it had the week before. The Mortgage Bankers Association (MBA) said its Market Composite Index, was down 3.4 percent from the week ended May 19 on a seasonally adjusted basis and lost 4 percent unadjusted. The Refinance Index, which had surged 11 percent a week earlier, fell back by 6 percent and the share of all applications that were for refinancing decreased to 43.2 percent from 43.9 percent. The seasonally adjusted Purchase Index was off by 1 percent from the prior week and the unadjusted Index was down 3 percent. The volume of purchase applications was still 7 percent higher than during the same week…(read more)

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