Refinancing Drives Application Volume Lower During Quiet Week

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Posted To: MND NewsWire

The Mortgage Bankers Association (MBA) said mortgage applications were down during the week ended October 6, falling 2.1 percent from the previous week on a seasonally adjusted basis and 2 percent unadjusted. The downturn in MBA’s Market Composite Index, which measures application volume, was primarily due to fewer applications for refinancing. The Refinancing Index was 4 percent below its level during the week ended September 29. The share of applications for refinancing constituted less than half of applications received for the first time since late August declining from 50.1 percent to 49.0 percent. The seasonally adjusted Purchase Index dipped 0.1 percent, but managed a 0.1 percent gain on an unadjusted basis. Purchase volume was 7 percent higher than during the same week last year. Refi…(read more)

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