Refinancing
increased its already overwhelming dominance of the mortgage market during the
week ended November 20. The Mortgage Bankers Association (MBA) said the
refinancing share of mortgage applications topped 70 percent and refinancing
accounted for most of the weeks increased volume. MBA’s Market Composite Index,
a measure of mortgage loan application volume, increased 3.9 percent on a
seasonally adjusted basis from one week earlier and was 3 percent higher
unadjusted. After
being essentially flat since the end of October, the Refinance Index increased
5 percent
last week and was 79 percent higher than the same week one year ago. The
refinance share of mortgage activity increased to 71.1 percent of total
applications from 69.8 percent the previous week.

 

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