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Same Old Story - Rates up, Applications down

Wednesday, July 1, 2015

Mortgage applications declined yet again during the week ended June 26.  The Mortgage Bankers Association (MBA) said its Market Composite Index, a gauge of mortgage volume, was down 4.7 percent on a seasonally adjusted basis during the week ended June 26 when compared to the week before.  On a non-seasonally adjusted basis the index was down 5.0 percent.  Both seasonally adjusted and unadjusted the Composite Index have lost ground for ten of the last 12 weeks.

The Refinance Index decreased 5 percent from the previous week to its lowest level since December 2014 and the refinance share of mortgage activity ticked down 0.1 percent to 48.9 percent. The Purchase Index decreased 4 percent from one week earlier when seasonally adjusted and 5 percent unadjusted.  Despite weeks of declining activity the unadjusted Purchase Index remained 14 percent higher than during the same week in 2014.

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Linden was very professional, knowledgeable, efficient, patient and personable. All of these qualities played an important part of processing and closing the loan. Linden was great through the whole process of working with me, to working with the real estate company, and other offices involved. I know the seller’s real estate agent was rude and hard to work with at times. It was unfortunate that Linden had to deal with it but he handled the situation professionally. Also, I was gone 95% of the time traveling for work while buying the home. Linden was great about working with me while I was away and helped keep things moving and organized. It was greatly appreciated.
Victoris S.