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Home Purchase Activity up 9% Despite a Slow Holiday Week
Wednesday, December 2, 2020
There
was the usual disruption to mortgage application activity during the Thanksgiving
holiday week that ended November 27, although the volume, especially of
purchase applications held up relatively well. The Mortgage Bankers Association
(MBA) said its Market Composite Index, a measure of mortgage loan application
volume, eased back by 0.6 percent on a seasonally adjusted basis from one week
earlier and was down 32 percent absent adjustment. During Thanksgiving week in
2019 the adjusted Index fell by more than 9.2 percent. The
Refinance Index decreased 5 percent from the previous week but was 102 percent
higher than the same week one year ago. The refinance share of mortgage
activity decreased to 69.5 percent of total applications from 71.1 percent the
previous week. The
seasonally adjusted Purchase Index increased 9 percent from one week earlier but
was down by 28 percent on an unadjusted basis. Activity was 28 percent higher
than the same week one year ago.
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