Low Rates Spark Mini-Boom in Refinancing

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Posted To: MND NewsWire

Interest rates declined again during the week ended May 31 , propping up mortgage application activity in a holiday shortened week. The Mortgage Bankers Association said its Market Composite Index, a measure of loan applications volume, managed a 1.5 percent gain on a seasonally adjusted annual basis even as it fell 10 percent from the previous week on an unadjusted basis. The week's results were adjusted to reflect the Memorial Day holiday. The Refinance Index increased by 6 percent from the previous week. Applications that were for refinancing grew to 42.2 percent of the total from 39.7 percent during the week ended May 24. The seasonally adjusted Purchase Index declined for the sixth time in the last seven weeks, dipping by 2 percent from the previous week. The seasonally adjusted Purchase...(read more)

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