Mortgage
originations are still finding much of their strength in the refinance sector even
during those weeks when rates increase. The Mortgage Bankers Association (MBA)
said the volume of mortgage applications increased last week even as purchase
mortgage volume declined. MBA’s Market Composite Index, a measure of mortgage loan
application volume, increased 1.2 percent on a seasonally adjusted basis during
the week ended May 14 and rose 1.0 percent before adjustment. The Refinance
Index rose for the second straight week, increasing 4 percent although it was down
2 percent compared to the same week one year ago. The refinance share of
mortgage activity increased to 63.3 percent of total applications from 61.3
percent during the week ended May 7. Both the seasonally
adjusted and the unadjusted Purchase Indices were down 4 percent from one week
earlier. The unadjusted Index was 2 percent higher than the same week in 2020.  

 

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