Refinancing Rallies, Drives Week’s Numbers

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Posted To: MND NewsWire

The week ended November 10 saw a strong pickup in applications for refinancing but continued weakness in those for home purchases. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of that volume, increased 3.1 percent on a seasonally adjusted basis and 2 percent unadjusted. There was no adjustment to the weeks results to account for the Veterans’ Day holiday which was observed on Friday. Applications for financing made up the majority of those received during the week for the first time since September, increasing from a 49.0 share during the week ended November 3 to 51.3 percent . The Refinance Index increased 6 percent. The seasonally adjusted Purchase Index managed an 0.4 percent gain, but the unadjusted version was down 3 percent from the previous week….(read more)

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