Refinancing Wave Continues; Lenders May Have Capacity Restraints

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Posted To: MND NewsWire

The volume of mortgage applications continued to be shored up by refinancing during the week ended August 16, but overall activity was down. The Mortgage Bankers Association (MBA) said its Market Composite Index slipped 0.9 percent on a seasonally adjusted basis, perhaps not surprising after it soared 21.7 percent the previous week. On an unadjusted basis the Index fell by 2.0 percent following a 27 percent gain during the week ended August 9. The Refinance Index managed a slight 0.4 percent gain from the previous week and was 180 percent higher than the same week one year ago . That index had increased by a cumulative 42 percent over the previous two weeks. The refinance share of mortgage activity increased to 62.7 percent of total applications from 61.4 percent a week earlier. The seasonally…(read more)

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