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Falling Mortgage Rates Boost Purchase Apps 18% YoY
Wednesday, June 3, 2020
Refinancing volume
continued to slide but purchase mortgage activity partially compensated during
the holiday shortened week that ended May 29. The Mortgage Bankers Association
(MBA) said its Market Composite Index, a measure of mortgage loan application
volume, decreased 3.9 percent on a seasonally adjusted basis from one week
earlier. On an unadjusted basis, probably due to the holiday, the Index was
down 14 percent. Refinancing
slipped another 9 percent although it remained 137 percent higher than the same
week one year ago. Over the last seven weeks the Refinancing Index has lost an
aggregate of 30 percentage points. The refinance share of mortgage activity
decreased to 59.5 percent of total applications from 62.6 percent the previous
week.
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