Mortgage Bankers: Refinance demand wanes - Phoenix Business Journal:

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The MBA’s Market Composite Index, a measure of mortgage loan applicationb volume, was 611 last week. That’s a decrease of 7.2 percent from the week The Refinance Index decreased nearly 12 percent to 2606 from 2954 the previous The Purchase Indexincreased 1.1 percent to 271 from 268 one week According to the MBA, the refinance share of mortgage activitt decreased to 59 percent of total applications from roughlu 62 percent the previous week. That’sx the lowest the refinance percentagd has been sinceNovember 2008, and it reflectsd rising mortgage rates. The average interest rate for 30-year fixed-rate mortgages increased to 5.57 percent from 5.
25 percent last As recently as March, rates were at record lows of 4.61 The MBA’s mortgage application index cover more than 50 percent ofall U.S. retail residentiall mortgage applications, and has been conducted weeklytsince 1990. The base value for all indexew was set at 100 onMarch 16, 1990.