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Refinancing Applications Back to Early Summer Levels

There was a big jump in the volume of applications for mortgage refinancing last week as customers reacted to the lowest interest rates since early summer.  Applications for home purchases also increased slightly during the week ended October 25.

The Mortgage Banker Association’s (MBA) Market Composite Index, a measure of overall mortgage loan application volume, was up 6.4 percent on a seasonally adjusted basis from the volume during the week ended October 18.  On an unadjusted basis the Composite Index rose by 6 percent.  The unadjusted Purchase Index increased 2 percent from the previous week and was 0.1 percent lower than during the same week in 2012.