Refis Lead Mortgage Apps Higher as Rates Drop

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Posted To: MND NewsWire

After six straight weeks of declining volume refinancing experienced a minor resurgence during the week ended April 1. The rebound more than offset a drop in purchase mortgages and drove the Mortgage Bankers Association’s (MBA’s) Market Composite Index slightly higher. Overall mortgage applications, as measured by the index rose 2.7 percent on a seasonally adjusted basis from the week ended March 25. On an unadjusted basis the index climbed by 3.0 percent. The volume of refinancing applications rose by 7 percent from the previous week and the refinancing share of total applications rose to 54.5 percent from 52.4 percent. The Purchase Index was down 2 percent from the previous week on both a seasonally adjusted and an unadjusted basis and the unadjusted index was 11 percent higher than during…(read more)

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