The Mortgage Bankers Association said Wednesday morning that its Market Composite Index of mortgage application activity rose 2.9 percent to 674.4 for the week ended May 9; applications remained off 1.1 percent compared to year-ago activity, the MBA said. The application index is calibrated to March 16, 1990; a reading of 567.0 means that application activity was roughly 5.7 times greater than when the index was first established. Primarily driving the increase were refinance applications, th

More: continued here