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Current Mortgage Rates Bring on Mortgage Refinance Activity

Posted by Bonnie Martin Designated Broker on Thursday, August 2nd, 2012 at 10:39am.

While it would seem that everyone would be moving to make a home purchase, current mortgage rates are bringing on more mortgage refinance activity than new loans. According to the Mortgage Bankers Association's Market Composite Index for the week ending July 20th, the Purchase Index showed that purchase applications dropped by 3% on an adjusted basis while the Refinance Index hit the highest level in over three years by increasing 2% on a seasonally adjusted basis.

The mortgage refinance share of all loan applications was 81%. 

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