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Refinancing Activity Responds to Rate Drop

Refinancing Activity Responds to Rate Drop

Borrowers took advantage of lower mortgage rates again last week, seizing the opportunity, especially for refinancing. The Mortgage Bankers Association (MBA) said its seasonally adjusted Market Composite Index, a measure of mortgage loan application volume, increased 7.4 percent on a seasonally adjusted basis compared to the prior week and was 6.0 percent higher on an unadjusted basis. The Refinance Index spiked a 19 percent gain week-over-week and was 27 percent higher than the same week one year ago. The refinance share of mortgage activity increased to 39.2 percent of total applications, its largest share since March 2022, up from 34.7 percent the previous week. [refiappschart] The seasonally adjusted Purchase Index rose by 4.0 percent from a week earlier although was 1.0
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