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Effects of Lower Rates Muted by Holiday in Applications Survey
Wednesday, July 8, 2015
The drop in interest
rates during the week ended July 3 sent mortgage application volume higher on a
seasonally adjusted basis but the shortened week occasioned by the Independence
Day holiday meant that unadjusted volume was down appreciably.
Total application volume
as measured by the Mortgage Bankers Association's (MBA's) seasonally adjusted
Market Composite Index was up by 4.6 percent compared to the week ended June
26. The data included an additional
adjustment to account for the holiday.
When unadjusted, however, the volume fell by 6 percent.
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