Refi Volume

Mortgage loan application volume rose by 4.2% last week despite rates surging to their highest point since November 2008, the Mortgage Bankers Association’s (MBA) weekly survey shows. The adjusted Market Composite Index, a measure of mortgage loan application volume, increased by 4.2%. The adjusted purchase index rose 8%, while the unadjusted purchase index was up by 6% and was 10% lower YOY. The refinance index dropped by 3% and made up 29.7% of total applications. Refi volume is down 77% in the last year. ARM activity rose to 10.6% of total applications.  Mortgage rates increased by 33 basis points to 5.98%, their highest since 2008 and the largest single-week increase since 2009. MBA Associate Vice President of Economic and Industry…