The uptick in volume in mortgages last week came primarily from refinancing. The Mortgage Bankers Association’s (MBA’s) Market Composite Index, a measure of application volume, increased at 3.6% on a seasonally adjusted basis during the week ended August 14th and 3% on an adjusted basis.
However, and here’s where things get interesting, the Refinance Index rose 7% from its previous week, returning to levels that haven’t been seen since May of this year. 55% of applications were for refinancing candidates, the largest fluctuation since April, considering volume in April was higher. What does this mean for you? Now may be the time to talk to your Loan Officer about potentially refinancing. [Read more…]