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Refis Lead Mortgage Apps Higher as Rates Drop

Wednesday, April 6, 2016

After six straight weeks of declining volume refinancing experienced a minor resurgence during the week ended April 1. The rebound more than offset a drop in purchase mortgages and drove the Mortgage Bankers Association's (MBA's) Market Composite Index slightly higher.

Overall mortgage applications, as measured by the index rose 2.7 percent on a seasonally adjusted basis from the week ended March 25.  On an unadjusted basis the index climbed by 3.0 percent.  The volume of refinancing applications rose by 7 percent from the previous week and the refinancing share of total applications rose to 54.5 percent from 52.4 percent.

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