Mortgage Application Volume Returns to Downhill Track

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Posted To: MND NewsWire

One week after posting the first positive results in five weeks, mortgage application activity fell off again. The Mortgage Bankers Association (MBA) said today that its Market Composite Index, a measure of application volume, decreased 0.6 percent on a seasonally adjusted basis during the week ended May 11. On an unadjusted basis the decline was 1.0 percent. Both the adjusted and unadjusted Purchase Indices dipped 1.0 percent from the previous week. The unadjusted index was 7.0 percent higher than during the same week in 2018. The Refinance Index was also decreased by 1.0 percent but the share of applications that were for refinancing remained at the same 37.9 percent as during the week ended May 3. “Purchase applications declined slightly last week but still remained almost 7 percent higher…(read more)

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