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Last Week's Low Rates Drove Ongoing Refi Surge

Wednesday, February 17, 2016

Applications for refinancing again drove a significant increase in mortgage applications during the week ended February 12 as mortgage rates continued to decline.  The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of mortgage application volume, rose 8.2 percent compared to the week ended February 5 on a seasonally adjusted basis and was up 10 percent on an unadjusted basis.

Refinancing accounted for 64.3 percent of the applications submitted during the week, up from 61.2 percent a week earlier and the highest share since February of last year.  The volume of those refinancing applications rose 16 percent from a week earlier and the index for conventional refinance applications was up by the same amount week-over-week and reached the highest level since January 2015.

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