Refinance Activity Surges Following Dip in Mortgage Rates

From Mortgage applications saw increased activity in the last week of September, the Mortgage Bankers Association (MBA) reported.Mortgage application volume increased 16.6 percent in the week ending September 28, according to MBA’s Mortgage Composite Index. On an unadjusted basis, the index increased 17 percent compared with the previous week. MBA also reported an increase in its Purchase Index, which rose 4 percent (both adjusted and unadjusted) from one week earlier and 11 percent year-over-year.

Meanwhile, the Refinance Index increased 20 percent from a week before to its highest recorded level since April 2009.