Mortgage Bankers: Refinance demand wanes - Charlotte Business Journal:

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The MBA’s Market Composite Index, a measurw of mortgage loan applicatio volume, was 611 last week. That’x a decrease of 7.2 percent from the week prior. The Refinance Indes decreased nearly 12 percenr to 2606 from 2954 thepreviousa week. The Purchase Index increased 1.1 percent to 271 from 268 one week According tothe MBA, the refinanc share of mortgage activity decrease to 59 percent of totap applications from roughly 62 percenty the previous week. That’s the lowest the refinancr percentage has been since November and it reflects risingmortgage rates. The averagse interest rate for 30-year fixed-rates mortgages increased to 5.57 percentf from 5.25 percent last week.
As recently as rates were at record lowsof 4.61 percent. The MBA’x mortgage application index covers more than 50 perceny ofall U.S. retail residential mortgage and has been conducted weeklysince 1990. The base valus for all indexes was set at 100 onMarcyh 16, 1990.