Mortgage Application Volume Takes Back Some of May’s Gains

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Posted To: MND NewsWire

Mortgage application volume declined during the week ended May 24, more than reversing a 2.4 percent increase a week earlier. Both refinancing and purchase activity moved lower. The Mortgage Bankers Association said its Market Composite Index which tracks the level of mortgage loan applications, was down 4.0 percent on a non-seasonally adjusted basis and 3.3 percent after it. The Refinance Index which had surged by 8 percent during the week ended May 17 gave back much of that increase this past week, falling by 6 percent. Refinance applications accounted for 39.7 percent of the total volume, down from 40.5 percent the previous week. The seasonally adjusted Purchase Index dipped 1 percent and the unadjusted Purchase Index was down 3 percent. The unadjusted version remained 7 percent higher than…(read more)

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