Token Bounce Stops Bleeding in Refinance Applications

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Posted To: MND NewsWire

Applications for mortgages increased during the week ended December 16, managing to narrowly cling to a gain in activity compared to a year earlier. The Mortgage Bankers Association said its Market Composite Index, a measure of application volume, increased 2.5 percent compared to the week ended December 9 on a seasonally adjusted basis. The index was up 2.0 percent unadjusted. Refinances constituted a 57.9 percent share of total activity. The previous week refinancing had a 57.2 percent share.The Refinancing Index itself gained 3 percent compared to the previous week, but considering the past 2 months have seen a decline of more than 30%, this week’s bounce doesn’t affect the bigger picture. The damage is already done. The seasonally adjusted Purchase Index was also 3 percent higher than the…(read more)

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