Purchases Reclaimed Market Share From Refis Last Week

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Posted To: MND NewsWire

This month’s half-hearted rally in refinancing didn’t last long . During the week that ended November 10, applications for refinancing made up more than half of all mortgage applications received, the first time that had happened since late September, and refinancing volume jumped 6 percent. Last week refinancing ebbed, but purchase mortgage applications did manage to fill the resulting gap. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of total mortgage application volume, was higher than the previous week. The seasonally adjusted index eked out an 0.1 percent gain, although the non-adjusted index was down 2.0 percent. The Refinance Index lost 5.0 percent while the seasonally adjusted Purchase Index increased 5 percent . The unadjusted Purchase Index rose…(read more)

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