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Mortgage Apps Rise Slightly, Purchase Loans End Four-Week Drought
Wednesday, October 28, 2020
Mortgage application
volume rose slightly during the week ended October 23. The Mortgage Bankers
Association (MBA) said its Market Composite Index, a measure of that volume,
increased 1.7 percent on a seasonally adjusted basis from one week earlier, its
first increase in three weeks. On an unadjusted basis, the Index was 2.0
percent higher. The
Refinance Index gained 3 percent from the previous week's level and was 80
percent higher than the same week one year ago. The refinance share of mortgage
activity increased to 66.7 percent of total applications from 66.1 percent the
previous week. The
Purchase Index was up 0.2 percent on a seasonally adjusted basis. Even if fractional,
it was the first uptick in that index since the week ended September 18. The Index
dipped 0.3 percent unadjusted but was 24 percent higher than the same week in
2019.
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