May 11, 2011
Refinance Continues To Drive Mortgage Activity
By Brandon Butler
Mortgage applications rose 8.2 percent from the week before and refinancing continues to dominate mortgage activity, according to the national Mortgage Bankers Association.
Refinancing activity increased 9 percent and rose to make up 63.1 percent of all mortgages last week, the MBA said.
The increased activity edged up the four-week moving average by 2.9 percent.
The rate for a 30-year fixed-rate mortgage decreased from 4.76 to 4.67 percent, the MBA said.
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