By Jann Swanson
Posted To: MND NewsWire
Applications for refinancing cratered last week, reaching their lowest level in four months according to the Mortgage Bankers Association’s (MBA’s) Weekly Mortgage Applications Survey. MBA’s Refinance Index dropped by 8 percent during the week ended May 1, the largest single-week decrease in over two months, to its lowest level since January. The refinancing share of applications was at 53 percent for the week, two percentage points lower than the previous week. Applications for home purchases did increase but not by enough to offset the decline in refinancing. MBA’s Market Composite Index, a measure of overall mortgage application volume fell 4.6 percent from the week ended April 24 on a seasonally adjusted basis and was down 4.0 percent on an unadjusted basis. The Purchase Index increased…(read more)
Via:: Rate Increases Take Toll on Refi Apps
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