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Perfect Little Storm for Comeback in Mortgage Apps

Wednesday, September 23, 2015

It was a full week after a holiday foreshortened one and also the week in which the long awaited Federal Open Market Committee move to begin interest rate increases was widely anticipated to happen.  Thus it was hard to know how much of the week's ballooning mortgage application volume was attributable to Labor Day-delayed business activity and how much was generated by see-sawing interest rates after the Feds failed to act. In most cases the various volume indices rose by percentages about equal to their aggregate declines over the two prior holiday-impacted weeks.

The Mortgage Bankers Association (MBA) reports that the week ended September 18 saw a 13.9 percent increase in mortgage applications on a seasonally adjusted basis compared to the week ended September 11.   On an unadjusted basis the MBA's Market Composite Index was up 26 percent.  The previous week's data included an adjustment to account for the holiday. fee.

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