May 15th, 2014 3:28 PM by Leonard Silvestri
The refinance index has improved by 7 percent topping its' recent performance levels. According to the MBA indFHA experienced its lowest rates since November for 30-year backed FRM. This article breaks down the activity of mortgage applications across the U.S and the mortgage industry's method for tracking those applications.Mortgage applications activity rallied slightly for the second consecutive time during the week ended May 9. The Mortgage Bankers Association (MBA) said that mortgage application volume as measured by its Market Composite Index increased during the week by a seasonally adjusted 3.6 percent and was up 3 percent on an unadjusted basis.
Responses to the MBA's Weekly Mortgage Applications Survey indicated that refinancing also recovered slightly. The Refinance Index increased 7 percent compared to the previous week, its best performance in nearly a month. The refinancing share of applications, which, during the week ended May 2 made up less than half of all applications for the first time since 2009, recovered to 50 percent.