Application Activity Flat; Purchase Apps Maintain Big Annual Edge

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Posted To: MND NewsWire

Mortgage application activity during the week ended June 28 was largely unchanged from the week that preceded it. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of total volume, dipped 0.1 percent on a seasonally adjusted basis compared to the week ended June 21 and was 0.3 percent lower on an unadjusted basis. The Refinance Index decreased 1 percent from the previous week and the share of applications that were for refinancing was down from 51.5 percent to 51.0 percent. Both the seasonally adjusted and the unadjusted Purchase Indices gained 1 percent and the unadjusted index was 10 percent higher on an annual basis. “Purchase applications picked up slightly last week, as conventional and government activity were each up around 1 percent ,” Joel Kan, MBA’s…(read more)

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