Refinancing Surge Cools as Rates Rise

The resurgence enjoyed by refinancing over the last few weeks subsided a
bit in the face of rising interest rates during the week ended October 31.   The
Mortgage Bankers Association (MBA) reported that its Market Composite Index, a
measure of mortgage loan application volume fell by 2.6 percent on a seasonally
adjusted basis from the week before and by 3 percent on an unadjusted basis.

The Refinancing Index was down 6 percent from the week ended October 24
and the refinancing share of all applications eased back from 65 percent to 63



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