Mortgage Applications Regain Footing

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Posted To: MND NewsWire

The volume of mortgage applications increased last week for the first time since early September. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of that volume, rose 3.6 percent on a seasonally adjusted basis during the week ended October 13. It did decline 7 percent on an unadjusted basis from the week ended October 6, a week was shortened by the Columbus Day holiday. The week’s results included an adjustment to account for that event. The increase in the Composite Index was the result of gains in both refinance and purchase mortgage applications. The seasonally adjusted Purchase Index was up 4 percent compared to the previous week although the unadjusted version fell 6 percent. The Purchase Index was 9 percent higher than during the same week in 2016. Refinancing…(read more)

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