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Refis up Another 10% as Rates Revisit Recent Lows
Wednesday, October 9, 2019
Declining interest rates made for another strong week for mortgage applications. The Mortgage Bankers Association (MBA) said its Market Composite Index rose 5.2 percent on a seasonally adjusted basis during the week ended October 4.. This was on top of an 8.1 percent increase during the week ended September 27. On an unadjusted basis the index gained 5.0 percent. Once again it was refinancing that fueled application activity. The Refinance Index was up 10 percent from the previous week and was 163 percent higher than during the corresponding week in 2018. The share of applications that were for refinancing climbed back above 60 percent for the first time in more than a month, increasing from 58.0 percent of applications to 60.4 percent.
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