Posted To: MND NewsWireA sharp drop in mortgage rates helped the Market Composite Index break a 5-time losing streak during the week ended August 2. The Mortgage Bankers Association (MBA) said its Index, a measure of mortgage application volume, rose 5.3 percent on a seasonally adjusted basis compared to the previous week and was up 5.0 percent unadjusted. The increased volume was totally on the side of refinancing.
The Refinance Index was up 12 percent from the previous week and was a staggering 116 percent higher than during the same week in 2018. Refinancing applications constituted 53.9 percent of the total, up from 50.5 percent during the week ended July 26. Purchase applications moved lower for the fourth straight week. Both the seasonally adjusted and the adjusted Purchase Indices declined 2 percent from the… (read more)
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