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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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