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Purchase Loans Drive Small Gain in Application Volume
Wednesday, March 9, 2016
Mortgage application activity during the week ended March 4 was, at best, lackluster with a small gain in purchase mortgage applications offsetting a small reduction in refinancing. Neither reflected any significant reaction to a convincing reversal in direction of interest rates.
The Mortgage Bankers Association (MBA) said that its Market Composite Index, a measure of loan application volume, increased 0.2 percent on a seasonally adjusted basis from the week ended February 26. On an unadjusted basis the volume was up 1 percent.
The Refinancing Index declined 2 percent from the previous week and the share of applications that were for refinancing retreated to 56.7 percent from 58.6 percent. The seasonally adjusted purchase index rose 4 percent to the highest level since January and the unadjusted index was 6 percent higher than a week earlier. The unadjusted Purchase Index was up 30 percent from the same week in 2015.that include the origination fee.
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