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Even With Recent Declines, Purchase App Volume is Still Outpacing 2020
Wednesday, March 31, 2021
Mortgage Application volume continued to trend down during the week ended March 26. The Mortgage
Bankers Association (MBA) said its Market Composite Index, a measure of that volume,
declined 2.2 percent on a seasonally adjusted basis from the previous week and
was down 2 percent on an unadjusted basis. It was the tenth time the index has
declined in the 13 weeks since 2021 began. The Refinance
Index decreased 3 percent from the previous week and was 32 percent lower than
the same week one year ago. Refinancing, however, still accounts for the lion's
share of applications, 60.6 percent during the week, down only slightly from the
week ended March 19. The
seasonally adjusted Purchase Index decreased 2 percent from one week earlier. Unadjusted,
the Index was down 1 percent and was 39 percent higher than the same week one
year ago.
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