Mortgage Interest Rates are about the Lowest they have ever been right now, so it was very disturbing that mortgage applications were down, despite the incredibly low rates. Well, it looks like last week mortgage applications finally rose again. I know that I personally just got my application in to refinance a property. Here are some details provided by the Mortgage Daily News:
The Market Composite Index, a measure of mortgage loan application volume, increased 6.7 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 6.5 percent compared with the previous week. The four week moving average for the seasonally adjusted Market Index is up 6.4 percent.The Refinance Index increased 9.2 percent from the previous week and is the highest Refinance Index observed in the survey since the week ending May 15, 2009. The four week moving average is up 8.3 percent for the Refinance Index. The refinance share of mortgage activity increased to 78.7 percent of total applications from 76.8 percent the previous week, which is the highest refinance share observed in the survey since April 2009
via Refinance Apps Increase. Originators Work in Highly Competitive Environment.
