Refinance activity hit its highest level since May 2009 last week, as the Mortgage Bankers Association's (MBA) refinance index for the week ending Aug. 13 increased 17.1% from the previous week. The refinance share of mortgage activity increased to 81.4% of total applications from 78.1% the previous week, which is the highest refinance share observed since January 2009, the MBA says.
The MBA's market composite index, a measure of overall mortgage loan application volume, increased 13% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the index increased 12.4% compared with the previous week.
The seasonally adjusted purchase index decreased 3.4% from one week earlier.
SOURCE: Mortgage Bankers Association