Mortgage Apps Rise, But Refi Share Continues Retreat

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Posted To: MND NewsWire

The Mortgage Bankers Association (MBA) said mortgage applications rose , on a seasonally adjusted basis, during the week ended February 24, although they fell in some categories without an adjustment. MBA’s Market Composite Index, a measure of loan application volume, was 5.8 percent higher than during the week ended February 17, but was 3 percent lower on an unadjusted basis. The week’s results also included an adjustment for the Presidents’ Day holiday. The Refinance Index increased 5 percent from the previous week to its highest level in more than two months. The share of total applications that were for refinancing however, decreased to 45.1 percent from 46.2 percent and was the smallest share since November 2008. The seasonally adjusted Purchase Index increased by 7 percent compared to…(read more)

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