The Smart Team of NOVA® Home Loans

Falling Rates Stoke Refinancing

Posted To: MND NewsWire

Mortgage application volume rose during the week ended April 21, solely from a significant increase in refinancing. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of application volume, was up 2.7 percent on a seasonally adjusted basis from the week ended April 14, and rose 3.0 percent on an unadjusted basis. The Refinance Index increased 7 percent from a week earlier while the seasonally adjusted Purchase Index fell by 1 percent . The unadjusted Purchase Index ticked up 0.1 percent compared with the previous week and was 0.4 percent higher than the same week in 2016. Refi Index vs 30yr Fixed Purchase Index vs 30yr Fixed The refinance share of mortgage activity increased to 44.0 percent of total applications from 42.4 percent the previous week. The average…(read more)

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Source: Mortgage News Daily

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