According to their latest weekly survey, the Mortgage Bankers Association is reporting that refinance share of mortgage activity decreased to its lowest level since September 2008, representing 40.1% of total applications, down from 41.8% the previous week. Also in decline were the adjustable-rate mortgages (ARM), whose share of activity decreased to 7.1% of total applications. The MBA weekly survey covers over 75% of all U.S. retail residential mortgage applications, and has been conducted weekly since 1990.
Click here to read the full report at the Mortgage Bankers Association.
