Mortgage rates have eased recently, but overall remain elevated, which has had an impact on parts of the mortgage industry, especially when it comes to refinancing.
The Refinance Index increased 2% from the previous week, but is way down from year-ago levels.
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"The decline in mortgage rates led to a slight increase in refinancing, driven by an uptick in conventional loans," said Joel Kan, MBA’s associate vice president of economic and industry forecasting. "However, refinances are still 80 percent lower than a year ago and more than 60 percent below the historical average."