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Purchase Applications Decline Even as Rates Move Lower
Wednesday, August 26, 2020
Mortgage
applications volume fell for the second time during the week ended August 21,
declining 6.5 percent from the previous week according to the Mortgage Bankers
Association's (MBA's) seasonally adjusted Market Composite Index. The volume
was down 7.0 percent before adjustment. The Refinancing
Index lost 10 percent from the previous week's level and the refinancing share
of all activity declined 2 percentage points to 62.6 percent. The Index was
still 34 percent higher than during the same week in 2019. The seasonally
adjusted Purchase Index eked out an 0.4 percent gain but was down 2.0 percent
on an unadjusted basis. It was 33 percent higher than the same week one year
ago.
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