MBA Reports Growth In Refi Applications

Refinance activity hit its highest level since May 2009 last week, as the Mortgage Bankers Association's (MBA) refinance index for the week ending Aug. 13 increased 17.1% from the previous week. The refinance share of mortgage activity increased to 81.4% of total applications from 78.1% the previous week, which is the highest refinance share observed since January 2009, the MBA says.

The MBA's market composite index, a measure of overall mortgage loan application volume, increased 13% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the index increased 12.4% compared with the previous week.

The seasonally adjusted purchase index decreased 3.4% from one week earlier.

SOURCE: Mortgage Bankers Association

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