Refinancing Apps up 126% From 2018, But Starting to Cool

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Posted To: MND NewsWire

Mortgage rates increased last week. Mortgage application activity, however, did not. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of that volume, declined 11.9 percent on a seasonally adjusted basis during the week ended October 18 and was 12 percent lower than the previous week on an unadjusted basis. The higher rate of applications during much of the last year has been largely fueled by refinancing which has driven the frequent reversals as well. Purchase applications have moved up and down, but movements have been much shallower, seldom exceeding 5 percent in either direction. That was true last week as well. The Refinancing Index was down 17 percent compared to the previous week although it remained 126 percent higher than during the same week in 2018…(read more)

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