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Refi Demand Surges Amid Falling Rates -MBA
Wednesday, February 10, 2016
Average mortgage rates declined during the week ended February 5, in at least one case to the lowest level in nearly three years. In response there was a surge of mortgage applications reported by the Mortgage Bankers Association (MBA), principally from applications for refinancing.
According to results of the MBA Weekly Mortgage Applications Survey, Mortgage Applications as measured by its Market Composite Index, increased by 9.3 percent on a seasonally adjusted basis compared to the week ended January 29. The index rose 12 percent unadjusted. The Refinance Index jumped 16 percent while the share of all applications that were for refinancing was up to 61.2 percent from 59.2 percent the previous week.
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