Refinancing Applications Jump to 15-Month High

Demand for mortgage refinancing hit a 15-month high in the week ending Aug 13, according to The Mortgage Bankers Association.

The MBA's Refinance Index rose 17.1% from a year earlier, and is now at its highest since May 2009, the MBA said in a statement. The refinance share of total mortgage applications rose to 81.4%, the highest since January 2009.

Demand for refinancing loans helped drive The Market Composite Index up by 13% on a seasonally adjusted basis from a week earlier. The index is a measure of total mortgage loan applications.

The average contract interest rate for 30-year fixed-rate mortgages was 4.6%, up from 4.57% a week earlier.


Read Full Story

Markets

DJIA 21,812.09 -87.80 -0.40%
NASDAQ 6,278.41 -19.07 -0.30%
S&P 500 2,444.04 -8.47 -0.35%
NIKKEI 225 19,353.77 -80.87 -0.42%
HANG SENG 27,524.70 123.03 0.45%
DAX 12,174.30 -55.04 -0.45%
USD (per EUR) 1.18 0.00 -0.20%
USD (per CHF) 0.97 0.00 0.16%
JPY (per USD) 109.31 0.41 0.37%
GBP (per USD) 1.28 0.00 -0.06%

Can't get enough business news?

Sign up for Finance Report by AOL and get everything from retailer news to the latest IPOs delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.