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Mortgage App Surge Exciting while it Lasted

Wednesday, October 14, 2015

Mortgage applications thus far in October's have scored a net gain of... just about nothing, falling almost perfect victim to Newton's Third Law last week.  Following the week ended October 2, in which the Mortgage Bankers Association's Market Composite Index, a measure of loan application volume, and all of its components had soared, gaining a minimum of 24 percent, every index fell back during the week ended October 9 by nearly the same or a greater measure.

The Composite, which had risen about 26 percent on both a seasonally adjusted and unadjusted basis the first week of October declined by 27.6 percent and 27 percent respectively last  week while the Refinance Index went from a 24 percent gain to a 23 percent loss.  The adjusted and unadjusted Purchase Indices fared even worse, each reversing their earlier 27 percent increases and then falling another 7 percentage points. The unadjusted Purchase Index went from a 49 percent year-over-year increase to a 1 percent loss.

 

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