According to the Mortgage Bankers Association (MBA) Market Composite Index, the Refinance Index is 50 percent lower compared to the same week one year ago, in January 2021. During the same week there was a small uptick over last year in purchase mortgage activity.
In an article written by Jann Swanson for MortgageNewsDaily.com, the primary impact on refinance mortgage activity is likely a result of interest rates reaching their highest level since March of 2020.
You can learn additional details in full the article:
MBA Says Rate Spike is Closing Door on Refinancing
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