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Mortgage Apps on the Rise Again, Driven by Last Week's Low Rates
Wednesday, August 12, 2020
Refinancing rebooted
again last week, driving overall mortgage applications volume higher after two
weeks of dwindling volume. The Mortgage Bankers Association (MBA) said its
Market Composite Index, a measure of that volume, increased 6.8 percent on a seasonally
adjusted basis from one week earlier and was 6 percent higher on an unadjusted
basis. The Refinance
Index jumped by 9 percent compared to the previous week and was 47 percent
higher than the same week one year ago. Applications for refinancing accounted
for 65.7 percent of the total, up from 63.9 percent the previous week. The
seasonally adjusted Purchase Index gained 2 percent from one week earlier and
rose 1 percent before adjustment. Purchase mortgage activity was 22 percent
higher than the same week one year ago.
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