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Mortgage Applications Fall On Adjusted Basis
Wednesday, February 3, 2016
Mortgage application volume during the week ended January 29 was again either
disappointing or much improved depending on whether one viewed it on an adjusted
verses an unadjusted basis due to the intervention of yet another holiday period.
The Mortgage Brokers Association said its Market Composite Index, a measure of
loan application volume, was down 2.6 percent on a seasonally adjusted basis
during the week ended January 29 compared to a week earlier. Results for the week ended January 22 had
been further adjusted to account for the Martin Luther King holiday. On an unadjusted based the overall index
increased by 11 percent.
The Refinancing Index had a 0.3 percent uptick and the refinancing share
of all applications eked out a 0.2 percent gain to 59.2 percent compared to the
previous week. The Purchasing Index
declined by 7 percent on a seasonally adjusted basis while it was up 11 percent
unadjusted. The unadjusted index was 17
percent higher than it was during the same week in 2015.
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