Refi Applications Did Last Week’s Heavy Lifting, ARMs Getting Bigger

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Posted To: MND NewsWire

The strong performance of purchase mortgage applications during the week ended February 23 didn’t last long, and overall mortgage activity barely stayed in positive territory last week. A modest increase in refinancing allowed the Mortgage Bankers Association’s (MBA’s) Market Composite Index to eke out an 0.3 percent increase on a seasonally adjusted basis during the week ended March 2 while the unadjusted index gained 13 percent. The latter reflected a recovery from the earlier week which had been shortened by the Presidents’ Day holiday. The Purchase Index ticked down 1 percent on a seasonally adjusted basis after jumping 6.0 percent the week before, its largest gain in nearly two months. The unadjusted version was 13 percent higher compared to the earlier holiday period and was up 1 percent…(read more)

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