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Applications Ignore Lowering Rates
Wednesday, March 2, 2016
Despite slightly lower interest rates mortgage applications slowed during the week ended February 26. The Mortgage Bankers Association's (MBA) said mortgage applications were down 4.8 percent on a seasonally adjusted basis from a week earlier. The MBA's Market Composite Index, a measure of application volume, was adjusted to account for the President's Day holiday which shortened the work week for some businesses. Without seasonal adjustment the index was 7 percent higher than during the week ended February 19.
The Refinance Index was down for the second straight week, declining 7 percent to the lowest point since January. The refinance share of all mortgage applications was also down, dropping from 61.0 percent the previous week to 58.6 percent.
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