Refinances Drive Up Mortgage Applications

More prospective borrowers for residential loans initiated the mortgage process last week. Behind the increase was a surge in refinance applications.

After making adjustments for seasonal factors, the Market Composite Index for the week that ended on June 9 moved up 3 percent from the prior week.

But foregoing any seasonal adjustments, the index — a measure of retail loan application volume — shot up 27 percent from the week that included Memorial Day.

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From:: Financing