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Rate Rise ends Refi Run
Wednesday, April 27, 2016
Mortgage application volume fell across the board during the week ended April 22. Applications were down for both purchase mortgages and refinancing as rates rose slightly from recent lows.
The Mortgage Bankers Association said its Market Composite Index, a measure of application volume, was down 4.1 percent from the week ended April 15 and 3 percent on a seasonally adjusted basis.
After three straight weeks of gains the Refinance Index reversed course, dropping 5 percent from the previous week and the refinancing share of applications declined 1 percentage point to 54.4 percent. Purchase mortgage applications were down by 1 percent on an unadjusted basis and 2 percent adjusted but were still 14 percent higher than during the same period in 2015.
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