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Refinance Volume Ramps Down on Rising Rates
Wednesday, March 3, 2021
Mortgage
application volume rose for the first time in four weeks during the week ended
February 26, but it was only a marginal increase. The Mortgage Bankers Association
(MBA) said its Market Composite Index, a measure of mortgage loan application
volume, increased 0.5 percent on a seasonally adjusted basis from one week
earlier. On an unadjusted basis, the Index increased 2 percent compared with
the previous week. The
Refinance Index was 0.1 percent higher than during the week ended February 19
and was up 7 percent from the same week in 2020. The refinance share of
mortgage activity decreased to 67.5 percent of total applications from 68.5
percent. The
seasonally adjusted Purchase Index increased 2 percent and was 5 percent higher
on an unadjusted basis. Volume grew 1 percent compared to the same week last year.
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