Refinances pick up for a second straight week
Refinances pick up for a second straight week
Abstract
The Mortgage Bankers Association's Market Composite Index registered a small seasonally adjusted uptick of 0.2% for the weekly period ending August 5. But weekly volume was still 63% lower on a year-over-year basis. The Refinance Index rose for the second straight week, climbing 4%, but volumes were 82% lower than they were one year ago. "Buyers remain on the sidelines," says Joel Kan. The average 15-year fixed-contract rate remained at 4.74% week over week. The 5/1 adjustable-rate contract average of 4.7% to 4.6% in the last seven days.
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