Refinancing
rebounded during the week ended November 5, driving the volume of mortgage
applications to their largest week-over-week increase since late July. The
Mortgage Bankers Association (MBA) said its Market Composite Index, a measure
of that volume, gained 5.5 percent on a seasonally adjusted basis and 5.0
percent unadjusted The Refinance
Index moved higher for the first time since the week ended September 17, rising
7.0 percent compared to the prior week but it was 28 percent lower than the
same week one year ago. The refinance share of mortgage activity increased to
63.5 percent of total applications from 61.9 percent during the week ended
October 29. The Purchase Index
was up 3.0 percent on an adjusted basis and 0.1 percent unadjusted. It lagged
the index for the same date in 2020 by 4.0 percent.

 

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