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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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