Refinance Applications Continue To Increase Share

ge refinance applications increased in the latest weekly survey from the Mortgage Bankers Association (MBA). The MBA's Refinance Index increased 9.2% from the previous week and is the highest Refinance Index observed in the survey since the week ending May 15, 2009. The MBA's Market Composite Index, a measure of total mortgage loan application volume, increased 6.7% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the index increased 6.5% compared with the previous week. The seasonally adjusted Purchase Index decreased 2% from one week earlier. The Purchase Index has decreased in eight of the last nine weeks, the MBA says. "Mortgage rates remained near record lows last week, as incoming data on the job and housing markets were weaker than anticipated,’ notes Michael Fratantoni, the MBA's vice president of research and economics. ‘As more homeowners locked in to these low rates, the level of refinance applications increased to a new 13-month high.’ Purchase applications in June were down more than 30% compared to April, the last month in which buyers were eligible for the home-buyer tax credit, Fratantoni adds. SOURCE: [link=]Mortgage Bankers Association


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