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Refinancing Skids to Seven Month Low
Wednesday, March 16, 2016
Rising interest rates took their toll on mortgage application activity last week. The Mortgage Bankers Association (MBA) said that application volume overall was down 3.3 percent on a seasonally adjusted basis during the week ended March 11 and was down 3.0 percent unadjusted.
The Refinance Index decreased 6 percent compared to the previous week which ended on March 4. Refinance applications made up a 55.0 percent share of all mortgage applications compared to 56.7 percent the week before; the lowest share for refinancing since August 2015.
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