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Mortgage Application Volume Nearly as Flat as Rates

Wednesday, August 12, 2015

There was virtually no change in the overall volume of mortgage applications during the week ended August 7 compared to the previous week, mirroring similar week-over-week movement in interest rates. A decline in applications for purchase mortgages virtually wiped out the small uptick in those for refinancing.

The Mortgage Bankers Association's Market Composite Index, a measure of loan application volume, increased a scant 0.1 percent on a seasonally adjusted basis from the week ended July 31 but was down 1.0 percent when unadjusted.  The Refinancing Index, returned roughly to its May levels, rising 3 percent from the previous week.  The share of refinancing increased by slightly less than 2 percentage points to 53.1 percent, the largest share since April.

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As a first-time homebuyer, it was great having Charlie walk me through the entire process and keep me posted on what was needed and when. He was always available to answer any questions that I had. I appreciated him planning for worst case scenarios so there were never any surprises and I appreciate him finding the right mortgage for the amount I wanted to pay each month.
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