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Lower Rates did little for Mortgage Application Volume

Wednesday, March 4, 2015

Mortgage applications were mixed and largely flat during the week ended February 27.  The Mortgage Bankers Association said its Market Composite Index, a measure of application volume, increased 0.1 percent on a seasonally adjusted basis from the week ended February 20.  On an unadjusted basis the Index was up 12 percent from the previous week which had been adjusted to reflect that period's Presidents' Day holiday.

The Refinancing Index eked out a 1 percent increase from one week earlier and applications for refinancing made up 62 percent of all mortgage applications, unchanged from the week before.   The seasonally adjusted Purchase Index slipped 0.2 percent while the unadjusted Purchase Index gained 14 percent compared to the prior week but was 0.2 percent below its level during the same week in 2014.

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