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Refinancing Volume Pulls Back as Rates Rise
Wednesday, January 20, 2021
The volume of mortgage applications fell
back slightly last week. The Mortgage Bankers Association (MBA) said its Market
Composite Index was down 1.9 percent on a seasonally adjusted basis during the
week ended January 15 compared to the prior reporting period. On an unadjusted
basis the index lost 1.0 percent. The seasonally adjusted Purchase Index rose
3.0 percent from one week earlier and was 9.0 percent higher on an unadjusted
basis. Purchase applications were up 15 percent year-over-year. Those gains
were offset by a 5.0 percent decline in the Refinance Index although it
remained 87 percent higher than during the same week in 2020. Applications for
refinancing composed 72.3 percent of the
total, down from 74.8 percent the previous week.
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