Refi Applications Highest Since March; Rates Recovering, But Well Off Recent Lows
It was a typical first-work-week-after-the holiday bounce for the mortgage indexes, although the surge was significantly more restrained than last year. Perhaps the nation was otherwise distracted. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of mortgage loan application volume, increased 16.7 percent on a seasonally adjusted basis during the week ended January 8. During the first week of 2020 the increase was over 30 percent. On an unadjusted basis, the index was up 69 percent. The Refinance Index increased 20 percent from the previous week , less than half the 2020 post-holiday recovery. The Refinance Index is 93 percent higher than a year ago and the refinance share of total applications rose to 74.8 percent of total applications from 73.5 percent the
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