Refi Applications Near 10-Year Low, But Purchases Improve

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Posted To: MND NewsWire

Purchase mortgage applications continued to gain strength during the week that ended March 16 but failed to compensate for a declining volume of refinancing activity. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of application volume, was 1.1 percent lower on a seasonally adjusted basis than during the week ended March 9. On an unadjusted basis the index was down 1.0 percent. The volume of applications for home purchase financing was up 1 percent from the previous week on a seasonally adjusted basis and 2 percent higher unadjusted. The latter index was 6 percent higher than during the same week in 2017. The improvement in purchase mortgage applications were more than offset by a 5 percent drop in the Refinance Index. The share of applications for refinancing…(read more)

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