Refinancing still driving mortgage applications

refisBy Jann Swanson | Mortgage News Daily

Refinancing continued to buoy up mortgage application volume during the week ended January 22 as interest rates fell back to levels last seen in the mid-fall of 2015. Purchase mortgage applications also increased even as an epic blizzard descended on the South and Northeast.

The Mortgage Bankers Association (MBA) reported this week that its Market Composite Index, a measure of loan application volume, increased 8.8 percent on a seasonally adjusted basis compared to the week ended January 15. The results include an adjustment to account for the Martin Luther King holiday which shortened the work week although not universally. On an unadjusted basis the index was up 0.3 percent.

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