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Mortgage Apps Rise at Fastest Pace in 2 Months

Wednesday, March 25, 2015

Stoked by the lowest interest rates in several weeks the volume of applications for mortgages to both purchase and refinance homes increased by the largest percentages during the week ended March 20 than at any time since early January. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of application volume, jumped 9.5 percent on a seasonally adjusted basis from the week ended March 13 and was up 9.0 percent on an unadjusted basis. 

Applications for refinancing made up 61 percent of the total, up 2 percentage points from the previous week with much of the activity centered on refinancing; MBA's Refinance Index rose 12 percent compared to the previous week. The Purchase Index was 5 percent higher than the previous week on both a seasonally adjusted and an unadjusted basis, each reaching its highest level since January.  The unadjusted Purchase Index was 3 percent above its level during the same week in 2014.

 

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