Higher Rates Continue Sapping Refinance Demand but Purchase Applications Rose by Elaine360

la-2013-p1-normalRefinancing activity fell again during the week ended August 23, driving down the Mortgage Bankers Association’s (MBA) Market Composite Index, a measure of mortgage application volume.  The Index decreased 2.5 percent on a seasonally adjusted basis from the week ended May 16.  On an unadjusted basis the index was down 3.0 percent.

The Refinance Index has fallen 64.2 percent from its recent peak during the week ended May 3 including a 5 percent decrease in the most recent period.  Refinancing now represents 60 percent of mortgage activity compared to 61 percent one week earlier. This is the smallest share of overall application volume refinancing has captured since April 2011.

 

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Elaine                                                     
DRE #00598428
Senior Director, Coldwell Banker New Homes Division
With over 200 condominium, townhome and loft projects successfully marketed

“Fewer properties for sale with such remarkably low interest rates make it a great time to sell but a more difficult time to buy”

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