Weekly Mortgage Refinancing Apps Accounting For Lowest Share Of Total Loans Since 2009

Refi loans are accounting for about half of all mortgage applications which is the lowest amount since July 2009. On the surface this seems like a positive trend back to pre-2008 levels. However, the ABSOLUTE level of mortgage apps is currently only about half of what it was pre-2008. The overall weekly MBA mortgage application index is still just slightly above 14-year lows and the refinancing index is just barely above 5-year lows.