Is the Trade Dispute Dampening Home Purchase Activity?

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Posted To: MND NewsWire

Refinancing rose to the surface yet again, driving the gain in mortgage applications during the week ended May 17. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of application volume, increased 2.4 percent on a seasonally adjusted basis from one week earlier and was 2.0 percent higher before seasonal adjustment. The increase was solely due to an 8.0 percent surge in the Refinance Index. The share of applications that were for refinancing also increased, jumping from 37.9 percent during the week ended May 10 to 40.5 percent. The volume of purchase mortgages declined for the second straight week. The seasonally adjusted Purchase Index decreased 2 percent from the previous week while the unadjusted version lost 3.0 percent. The latter was still 7.0 percent higher…(read more)

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