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Refinancing still Dominates Application Volume

Wednesday, December 16, 2015

Refinancing remained strong relative to purchase mortgage activity during the week ended December 11 while application activity overall slipped.  The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of mortgage applications volume, dipped by 1.1 percent on a seasonally adjusted basis and was down 2.0 percent when unadjusted.

The share of mortgage applications intended for refinancing moved above 60 percent for the first time since early October probably due more to a decrease in purchase activity than the small gain for refinancing itself.  It moved to a 60.7 percent share from 58.7 the previous week and the Refinancing index was up 1 percent.

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