Mortgage, Refinancing Applications Rise
Mortgage applications increased nearly 13 percent last week while applications for refinancings jumped more than 15 percent, fueled by a drop in mortgage rates, according to the Mortgage Bankers Association (MBA).
The MBA's Market Composite Index, which measures mortgage application loan volume, rose 12.8 percent on a seasonally adjusted basis over the week ending Nov. 26. Meanwhile, the group's Refinance Index jumped 15.3 percent.
Michael Fratantoni, MBA's vice president of research and economics, said some lenders saw refinance volume double last week, but that despite this surge, "aggregate refinance activity is still below levels reported two weeks ago."
The refinance share of mortgage activity increased to 76 percent of all applications from 73.9 percent the previous week. Meanwhile, activity on adjustable-rate mortgages decreased to 5.7 percent from 5.8 percent.
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