Purchase Apps Almost Break Even While Refis Slide

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Posted To: MND NewsWire

The week ended October 27 saw yet another decline in mortgage applications, making it the sixth week out of the last seven that the Mortgage Bankers Association (MBA) Market Composite Index has fallen. The index, a measure of application volume, was down 2.6 percent on a seasonally adjusted basis during the week ended October 27. On an unadjusted basis the Index decreased 3 percent when compared to the previous week. As has been the recent case, the decrease was distributed across both purchase mortgages and refinances. The Refinance Index was down 5 percent from the week ended October 20 and has also posted only a single increase in the last seven weeks. The Purchase Index dipped 1 percent seasonally adjusted and 2 percent unadjusted. The unadjusted Purchase Index was 10 percent higher than…(read more)

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