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Lackluster Purchase Activity Boosts Refi Share
Wednesday, August 19, 2015
What little life there was in
mortgage volume last week came from refinancing. That wasn't saying much. The Mortgage Bankers Association's (MBA's) Market
Composite Index, a measure of application volume, increased 3.6 percent on a
seasonally adjusted basis during the week ended August 14 and 3 percent on an
unadjusted basis. The composite, after a
couple of sharp and short-lived spikes earlier this year, essentially remains
where it has been since early 2014.
The Refinance Index rose 7 percent from
the previous week, returning to May levels.
Fifty-five percent of applications were for refinancing, the largest
share since April although overall volume was significantly higher at that
time. The share during the week ended
August 7 was 53.1 percent.
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