Sunday, 26 June 2022 | The Latest Buzz for the Appraisal Industry

Refinance Application Share Hits Nine-Year Low

By Jann Swanson

Posted To: MND NewsWire

The Mortgage Bankers Association (MBA) said today that mortgage applications were down across the board during the week ended May 12, with refinancing taking the biggest hit. MBA’s Market Composite Index, a measure of loan application volume, fell 4.1 percent on a seasonally adjusted basis from the Index for the week ended May 5. On an unadjusted basis, the index was down 4.0 percent. The Refinance Index dropped 6.0 percent from a week earlier and the share of refinance activity at 41.1 percent, was the lowest since September 2008. The previous week the refinancing share had been 41.9 percent. Both the seasonally adjusted and the unadjusted Purchase Indices were down 3 percent from one week earlier, but the latter remained 9 percent above the same week in 2016. The average loan size for purchase…(read more)

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