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Rates Continue to Stoke Refinancing Surge

Applications for mortgage refinancing scored a second straight week of
solid growth during the period ended January 16, with the Mortgage Bankers
Associations (MBA) Refinance Index increasing 22 percent week-over-week.  That’s an impressive level of growth in light of the fact that last week’s refi activity already posted a 66 percent improvement.  The share of mortgage applications
that were for refinancing increased from 71 percent to 74 percent, the highest
share for refinancing since May 2013. 

The overall MBA Market Composite Index rose 14.2 percent on a seasonally
adjusted basis and was up 17 percent on an unadjusted basis.   Here too, any
additional gains in the Composites were in themselves notable, building as they
were building atop the previous week in which the adjusted and non-adjusted
indexes had roared back from the holiday period with increases of 49.1 percent
and 119 percent respectively. 

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