Mortgage Refinance and Loan Market Deteriorates

Are higher interesting rates effecting refinancing? Is the Housing Market picking up?

Refinancing

• The Refinance Index dropped 23.3 percent to 1998.1 from 2605.7.
• The four week moving average for the seasonally adjusted Refinance Index is down 19.6 percent.
• The refinance share of mortgage activity decreased to 54.1 percent of total applications from 59.4 percent the previous week.

Mortgage Loans

• The Market Composite Index, a measure of mortgage loan application volume, was 514.4, a decrease of 15.8 percent on a seasonally adjusted basis from 611.0 one week earlier.
• The four week moving average for the seasonally adjusted Market Index is down 13.5 percent. The Purchase Index decreased 3.5 percent to 261.2 from 270.7 one week earlier.

***Mortgage Bankers Association (MBA)Weekly Mortgage Applications Survey for the week ending June 12, 2009.

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