Purchase Apps, Refis See Boost As Rates Retreat

Both purchase applications and refis saw increases as rates fell for a fifth consecutive week. The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – rose by 7.4%. Adjusted purchase applications increased by 3%, while the unadjusted index was up 4% from the week before and was 37% lower YOY. Refinances saw a big upswing, rising 18% from the week prior. But they remain 75% lower than the same time last year, comprising only 33.9% of total applications. In the past decade, refis averaged 58% of total activity. “Both purchase and refinance applications increased last week and have shown gains in three of the past four weeks because of…