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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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