Refis Take Another Step Toward 50% of All Mortgage Apps

By Jann Swanson

Posted To: MND NewsWire

The volume of applications for refinancing expanded for the third consecutive time during the week ended June 16. The Mortgage Bankers Association (MBA) said the increase offset another down week for purchase mortgages, giving overall mortgage volume a slight uptick from a week earlier. The MBA’s Market Composite Index, a measure of overall application volume, increased 0.6 percent on a seasonally adjusted basis from the week ended June 9. On an unadjusted basis however, the Composite Index dipped 0.4 percent. The Refinance Index gained 2 percent from the week before, putting it at its highest level since last November. The share of applications that were for refinancing rose to 46.6 percent from 45.4 percent. Applications for purchase mortgages declined for the fifth time in the last six weeks…(read more)

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