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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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