Refi Volume Increases for Second Week Despite Rise in Rates

Posted To: MND NewsWire

Mortgage originations are still finding much of their strength in the refinance sector even during those weeks when rates increase. The Mortgage Bankers Association (MBA) said the volume of mortgage applications increased last week even as purchase mortgage volume declined. MBA’s Market Composite Index, a measure of mortgage loan application volume, increased 1.2 percent on a seasonally adjusted basis during the week ended May 14 and rose 1.0 percent before adjustment. The Refinance Index rose for the second straight week , increasing 4 percent although it was down 2 percent compared to the same week one year ago. The refinance share of mortgage activity increased to 63.3 percent of total applications from 61.3 percent during the week ended May 7. Both the seasonally adjusted and the unadjusted…(read more)

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Refi Volume Increases for Second Week Despite Rise in Rates
Refi Volume Increases for Second Week Despite Rise in Rates

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