Refinancing Applications Jump to 15-Month High

Before you go, we thought you'd like these...
Before you go close icon
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

S&P 500 2,343.98 -1.98 -0.08%
DJIA 20,596.72 -59.86 -0.29%
NASDAQ 5,828.74 11.04 0.19%
DAX 12,064.27 24.59 0.20%
NIKKEI 225 19,262.53 177.22 0.93%
HANG SENG 24,358.27 30.57 0.13%
USD (per EUR) 1.08 0.00 0.15%
USD (per CHF) 0.99 0.00 -0.18%
JPY (per USD) 111.32 0.34 0.30%
GBP (per USD) 1.25 0.00 -0.33%

Want more news like this?

Sign up for Finance Report by AOL and get everything from business news to personal finance tips 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.

From Our Partners