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Low Rates and Spring Buying Boosting Mortgage Apps

Wednesday, April 22, 2015

Borrowers responded to some of the lowest interest rates in several months by stepping up applications for mortgage financing.  The Mortgage Bankers Association (MBA) said that its Market Composite Index, a measure of mortgage application volume, increased 2.3 percent on a seasonally adjusted during the week ended April 17 when compared to the previous week.  On an unadjusted basis applications were 3 percent higher than during the week ended April 10.

The Refinancing Index rose 1 percent from the previous week but the share of all applications that were for refinancing dropped from 58 percent to 56 percent, the lowest share for that sector since October 2014.  The seasonally adjusted Purchase Index increased 5 percent from the previous week.  The unadjusted Purchase Index was up 6 percent week-over-week and was 16 percent higher than during the same week in 2014.

 

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