Mortgage applications for the week ending August 3 fell 1.8%.However, the index tracking refinances is up over 100% from this time last year.
Record low mortgage rates have spurred on another round of refinances while purchase applications have remained fairly flat.
Prepayment speeds for July were released yesterday and they increased slightly more-than-expected, particularly among lower coupon mortgage pools (stronger borrower-creditworthiness).
The Market Today ONLINE
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