Small Gains in Purchase Apps Nearly Offset Downturn in Refis

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Posted To: MND NewsWire

Once again, a slowdown in refinancing overcame a slight improvement in applications for purchase mortgages, sending the Mortgage Bankers Association’s (MBA’s) Market Composite Index lower for the week ended September 29. The Index, a measure of application volume, declined 0.4 percent on a seasonally adjusted basis from its level the previous week, and was down 1 percent on an unadjusted basis. The Refinance Index fell by 2 percent, but refinancing still maintained, by a slim edge, the larger share of applications, 50.1 percent, down from 50.8 percent a week earlier. Purchase mortgage volume improved modestly; the index reflecting those applications increased 1 percent on both an adjusted and an unadjusted basis. The unadjusted index remained 5 percent higher than during the same week in 2016…(read more)

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