Little Change in Mortgage Application Volume

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Posted To: MND NewsWire

Both mortgage applications and interest rates were essentially directionless during the week ended May 13. The Mortgage Bankers Association said its Market Composite Index, a measure of loan application volume, was down 1.6 percent from the previous week on a seasonally unadjusted basis and down 2 percent unadjusted. The Refinance Index rose 1 percent from the week ended May 6 and the refinance share of mortgage applications increased from 52.8 percent to 54.7 percent. Purchase applications , on the other hand, dropped 6 percent on both a seasonally adjusted and unadjusted basis from the previous week but remained 12 percent higher than during the same week in 2015. Refi Index vs 30yr Fixed Purchase Index vs 30yr Fixed Applications for FHA-backed mortgages had a 12.6 percent share of application…(read more)

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