Refinancings up, new mortgages down

Mortgage refinancing activity increased while applications for new mortgages declined in the latest weekly survey from the Mortgage Bankers Association, which represents the real estate finance industry.

For the week ending Jan. 25, the survey's market composite index, a measure of mortgage loan application volume, was 1054.9, an increase of 7.5 percent on a seasonally adjusted basis from one week earlier, the association said.

On an unadjusted basis, the index was up 70.7 percent compared with the same week one year earlier, the association said.

The survey's refinance Index increased 22.1 percent to 5103.6 from 4178.2 the previous week, and the seasonally adjusted purchase index decreased 17.7 percent to 362.0 from 439.9 one week earlier, the association added.
(By Chris Reidy, Globe staff)